Emaar reacts to job loss reports

Dubai-based Emaar Properties reacted to reports of job losses from within its ranks with a carefully-worded statement, days after offering a "no comment" to Construction Week.

A spokesperson for the master-developer said, "It is now crucial that we use efficiency and maximise productivity, which includes revisiting our recruitment policies, and optimising human resources."

"Emaar will pursue a recruitment strategy which will be suited to the market conditions and in line with the best interests of the company in the long term."

Emaar shares have had a tumultuous ride this year, diving from US $4.14 (AED15.20) in January to their current value.

The Emaar spokesperson continued, "With a significant presence in 18 global markets, Emaar has demonstrated smart resilience to the global financial crisis."

"However, to address the new challenges that we face, it is important to reorient our growth strategies and align our business model to tackle new realities."

Last week the firm announced plans to prop up the faltering residential real estate market by instigating new payment programmes.

Developers and contractors have been reluctant to discuss potential job cuts in the region despite the slowdown within the industry.

Rasmala Investments founder and CEO Ali Al Shihabi told CW that more transparency was required particularly in the current financial climate.

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