Mashreq Bank, the largest private bank in the UAE, on Thursday announced that it has cut jobs of 175 staff, which constitute 4 percent of its global workforce.
The employees, who were terminated, were chosen based on their role being no longer viable, or on the basis of their performance assessments.
Mashreq, is the largest private bank in the UAE with an excellent retail presence in the region, including Bahrain and Qatar. It recorded a net profit of $517mn last year, while the total assets stood at $23.8bn.
In the meanwhile, Damac, the leading Dubai-based property developer, which axed 200 jobs last November, announced more job losses yesterday. This time, another 50 employees in the marketing division have been made redundant in the UAE.
Damac, in its statement, mentioned that this has been done in order to keep up with the current business environment, during realigning of business.
According to Peter Riddoch, CEO of Damac, the redundancies by the company were inevitable, given the light of severe recession.
Damac is one of the several property developers, who has resorted to downsizing their staff, owing to global property slowdown. Damac revealed that it plans to axe 8000 jobs, which makes up for 2.5% of its global workforce. The redundancies depict lower level of market activity. Posted on 6/2/2009
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