Dubai Properties is next in-line of companies in the emirate’s property sector to announce job lay-offs in wake of the economic recession.
Being the biggest in terms of the job losses within the industry so far, Dubai Properties laid-off 600 positions, it has been revealed.
One of the affected employee said “I got the boot last month. Six hundred of us were mere redundant. They did it in stages, and has affected personnel at all subsidiaries across the group.”
According to the source, two options were put before the employees – a resignation letter or a termination letter.
“On choosing termination letter, you would not get a recommendation, they said. In short, they did not want to say that you are being made redundant,” an employee said.
Dubai Properties is a member of Dubai Holding, possessing major projects such as the popular Jumeirah Beach Residence and Culture Village, and is following the footsteps of other real estate majors such as Nakheel and Tameer in trimming its workforce to balance the reducing investor interests. Posted on 10/12/2008
Read more news
> Ebony, Ivory towers construction in progress
> Housing prices to plunge another 20 percent in 2009
> Dubai retail sector may see tough times ahead
> Dubai Housing Prices witness huge decline in first quarter
> Jumeirah Village projects well on-track
> Dubai rents plunge 23 percent
> Omniyat Properties rents out parking lots
> Leading Dubai property developers records decline in profits
> Apartment prices in UAE may drop by 30 percent
> Dubai Property Market may recover in 2 years
|
Hotels
Restaurants
Property
Jobs
Sports
Entertainment
Business
Directory
