Nakheel cuts 500 jobs

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JOB CUTS: Nakheel has reduced its workforce by 15 percent as it scales back projects. (ITP Images)

Dubai government-owned Nakheel, developer of the Gulf trade hub's man-made palm islands, said on Sunday it had cut 500 jobs or 15 percent of its workforce as it scales back projects amid the global financial crisis.

"We have the responsibility to adjust our short term business plans to accommodate the current global environment," it said in a statement quoting a spokesperson.

"The redundancies are indeed regrettable, but a necessity dictated by operational requirements which are in turn dependent on demand."

Nakheel said earlier his month it was witnessing a slowdown in the rate of real estate sales. Last month it said it had scaled back dredging work on its massive Palm Deira project, the largest of three palm-shaped islands that was planned to house one million people. (Reuters)

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READERS' COMMENTS

Nakheel cuts 500 jobs We say what is next
Posted by ASham Bas, Dubai, United Arab Emirates on Monday 1 December 2008 at 09:13 UAE time


NO comments

The truth
Posted by omar, Dubai, UAE on Sunday 30 November 2008 at 17:19 UAE time


Where are the executives who were assuring that their business is still booming and they were doing extremely well and that they are not affected by the crisis whatsoever.

Mile High Tower
Posted by Ibrahim Khalil, Kuwait, Kuwait on Sunday 30 November 2008 at 14:54 UAE time


I think three days ago Nakheel CEO was in a denial mode when he reiterated his commitment to the mile high tower.

Acting Sensibly
Posted by DG, Dubai, UAE on Sunday 30 November 2008 at 13:37 UAE time


Here is a company acting with a sense appropriate for the times.
The DFM however continues to display irrational exubarence with stocks increasing 10 to 15 % in value on some days - a contradiction to the outlook of the firms that are traded.

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