DUBAI: Dubai property giant Nakheel - behind such grandiose projects as a one-kilometre tower and artificial palm-shaped islands - said yesterday it has fired 500 staff because of the global financial crisis.
The government-controlled developer, one of the biggest employers in the booming Gulf emirate, also said it would be scaling back work on some of its projects.
"Approximately 15 per cent of the total workforce, which amounts to 500 employees, was made redundant," it said in a statement, describing the move as "a responsible action in light of the current global market conditions."
It is the largest job cut to be announced in the wake of the global financial crisis in the oil-rich United Arab Emirates and in Dubai, a city of opulent hotels and shopping malls which hosts hundreds of thousands of foreign residents.
Nakheel is in charge of developing several iconic projects in Dubai, including three palm-shaped man-made islands, only one of which is completed and a cluster of islands in the shape of a map of the world.
By AFP
Monday, December 1, 2008
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1 comment:
Hard decisions but something that is a direct fall out of the global financial crisis.
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