Aldar not sacking staff, delaying projects

ECONOMIC IMPACT: Aldar said it was not sacking staff or delaying projects. (ITP Images)

Aldar Properties, Abu Dhabi's largest developer by market value, has no plans to sack staff or delay projects in response to the global economic downturn, a senior executive said in comments published on Sunday.

Ousama Ghannoum, the company's marketing director, said "all projects that we started are going on as planned and we are not laying off any person", UAE daily Gulf News reported.

Ghannoum said the company’s ongoing projects in Abu Dhabi, which include Al-Raha Beach Residences, the Formula One track and hotel developments, were on schedule.

Ghannoum also said the Formula One track would be ready by Nov. 1, 2009 in time to host the final grand prix of next season's F1 championship.

Aldar's share price dropped 1.3 percent on Thursday to close at 5.28 dirhams on the Abu Dhabi bourse. The stock is down just over 56 percent year-to-date, compared to a 40 percent drop in the UAE capital's benchmark.

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM