Job losses on the horizon for palm firm
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Independent Minds
Nakheel, the state-owned Dubai property group that was responsible for the iconic Palm Jumeirah artificial island, is set to make as many as 500 redundancies now that the Emirate's "Cityscape Dubai 2009" show is over.
Announcements are expected in the next few days, a consequence of fallout from the global financial crisis. Dubai property values have fallen 50 per cent in a year. The company said last night: "Nakheel continues to evaluate its projects and commitments against market conditions and opportunities. In doing so, the company also evaluates its cost base and efficiencies."
Ratings agency Standard & Poor's said Dubai needs to raise another $10bn (£6.3bn) for its economic support fund, to prop up government-related companies.
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Comments
Under UAE Labour Law, weshould have got 3 months pay in as part of the severence. We were not all so lucky, and had to instigate legal action to get a fair settlement. Many employees were forced out without as much as a plane ticket.......
Not all is as it seems in the land of sand and money!!!