Deyaar axes 20% of its staff in shake-up

Monday, 26 October 2009 1:04 PM

Dubai developer Deyaar on Monday said it had axed 20 percent of its total workforce following a review.

In a statement posted on the website of the Dubai Financial Market, the company said the "rationalisation of resources" would help it to maintain its commitments to customers. It did not give a number to the total job losses.

"This rationalisation of resources has been carried out to support Deyaar 's sustained growth and maintain its commitments to customers, partners and shareholders in the most efficient possible manner," the statement added.

The company said the job cuts were the first made by Deyaar since the start of the global financial crisis. The news comes just days after the company posted a 74 percent drop in third quarter profits, compared to the same period in 2008.

" Deyaar remains confident of the soundness of its overall business development strategy, focusing on identifying emerging opportunities and continuing to deliver exceptional long-term value to its customers and shareholders," the company added.

Market Performance

Deyaar Development Company

Last Price:

0.295
-0.0050	-1.67 (%)

Enlarge graph

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Read All 13 Comments

Posted by: Peter Locke Monday, 2 November 2009 10:47 AM[UAE]

The PR department seems to have a large budget promoting the management, maybe they should reduce that and hold on to some people.

Reply to this comment.

Posted by: Kaptain Tuesday, 27 October 2009 10:28 AM[UAE] - UAE

..reducing prices is a loss to the owners of the development..because if they do so..they aren't going to get back customers..no matter what they do to accomplish to expand the customer base.. and if they do once..they would just give a hint to the people that developer's anticipation is weaker than the patience of the people..which would allow better manipulation and developer's aren't ready for that.. I know a person who imported Toyota CAMRY 96', 97', 99' models with American Specs.. he is not ready to lower his demand of AED 14k.. and the cars are lying idle in the industrial area for the past one and a half years.. I'm waiting to see him pay extra AED 2000 to scrap the rotting and rusting steel stationary on 4 wheels..

Reply to this comment.

Posted by: amer Tuesday, 27 October 2009 2:00 AM[UAE] - uae

i have flat in deyaar and till now they havent reduced the cost , as my 1 flat cost 1.4m for one bedroom, where now i can see the ads of two bedroom flats ranging from 8-9 hundred thousands, most of the developers reduced the price ,,,,they should reduced the price in order to have healhty relationship with customers and in order to regain their reputation..........

Reply to this comment.

Posted by: mike Monday, 26 October 2009 8:21 PM[UAE] - United Arab Emirates

deyaar is launching new fund for buying distress properties why dont they return jabel ali down town / fairview money as projects havent started since 2 years

Reply to this comment.

Posted by: Johnny Monday, 26 October 2009 5:04 PM[UAE] - UAE

I am sure Deyaar will emerge stronger, my heart and prayers goes to the employees who were terminated. I am a Deyaar customer and wish all remaining employees the best, Deyaar has great developments in Dubai. I wish other developers treat customers like Deyaar does.

Reply to this comment.

Read All 13 Comments

Log in Not registered? Register now!

Retrieve password form

Services:

Deyaar axes 20% of its staff in shake-up

Related:

Stories

Companies

Market Performance

Also in Real Estate

Also in UAE

Join the Discussion

Further reading

Features & Analysis

Most Popular

Most Discussed