Dubai the “City of Gold” in the Middle East has hit a brick wall. Economy is crashing down to earth.
DUBAI’S rapid expansion in recent years provided jobs for millions. But the global financial meltdown has abruptly ended the dream for many people as more and more firms sack staff to cut costs.
Damac Properties, Dubai’s largest private property developer, cut 200 jobs, or 2.5 per cent of its workforce, in October. ’We’d been growing in sales by 100 per cent a year, but it is not the same now. If the market gets worse, we will have to let more people go,’ Damac chairman Hussein Sajwani said this month.
Al-Shafar General Contracting said a few days ago it was laying off up to 1,000 workers as its order book has dropped by three billion dirhams (S$1.2 billion) since September.
Emaar, the other local property giant, said recently that it was revising its recruitment strategy and reportedly laid off 100 workers last month. Omniyat has shed 69 jobs out a 350-strong workforce and Tameer has reportedly notified 180 employees that December 31 will be their last working day.
The job losses have spread beyond property jobs to the financial sector.
Dubai Real Estate Crash !!!!!!!!!!!!!!!!!!!!!!!!!!!
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