Print Print | Email Email | Discuss this article ( Comments)
| Share |

ASGC to lay off 1000 staff due to delays

by ArabianBusiness.com staff writer  on Saturday, 27 December 2008

Dubai-based Al Shafar General Contracting plans to trim up to 1000 jobs following project delays and suspensions.

CEO Bishoy Azmy said the company was forced to cut staff as clients struggled to make payments and monthly income dried up.

Several projects under negotiation had been suspended as developers review their ongoing and future assignments amid the economic crisis.

Story continues below ↓
advertisement

Staff on probation will be among the first to leave, along with underperforming employees, Azmy said.

| Share |
< Previous article
Truck restrictions spell misery in Sharjah
Next article >
Abraaj Capital issue is fully subscribed


MORE FROM ARABIANBUSINESS.COM

TOP IN MIDDLE EAST CONSTRUCTION & INDUSTRY

  1. Qatar-Bahrain causeway work to being Q1 2010
  2. Burj Dubai material supplier sets up Mideast base
  3. Dubai plans start-up help for expat entrepreneurs
  4. $4.4bn Abu Dhabi oil project contracts awarded
  5. Doha 'needs to be more pedestrian friendly'

TOP MIDDLE EAST BUSINESS STORIES

  1. Abraaj Capital issue is fully subscribed
  2. Doubts over pace of Mideast private equity recovery
  3. ENOC will not increase Dragon Oil bid
  4. UAE real estate will take 'some time to stabilise' - cbank
  5. Dubai residency visas increase this year - officials

ALSO IN MIDDLE EAST CONSTRUCTION & INDUSTRY

  1. Gulf has $1.35tn worth of building projects underway
  2. Abu Dhabi awards $408m Mussafah canal contract
  3. New work order
  4. Qatar signs $22.79bn rail deal with Deutsche Bahn
  5. Qatar-Bahrain causeway work to being Q1 2010

LATEST MIDDLE EAST BUSINESS NEWS

  1. Banking & Finance: Abraaj Capital issue is fully subscribed
  2. Construction & Industry: Gulf has $1.35tn worth of building projects underway
  3. Politics & Economics: Gulf nations to see solid growth in 2010
  4. Culture & Society: First UAE arthouse cinema opens in Dubai Mall
  5. Banking & Finance: Dubai's Pharos launches $350m agricultural fund
From  Current Issue

SHARE PRICE CHECK

RELATED STORIES

Al Shafar General Contracting Co. LLC
| 14 stories
  1. Business development
    18 Dec '08 | Features
  2. Whodunnit at Business Bay
    27 Sep '08 | News

 EMAIL ALERTS

  1. Al Shafar General Contracting Co. LLC

  2. Construction & Industry