Nakheel cuts 500 jobs

By Lin Noueihed
  • Sunday, 30 November 2008 12:46 PM
  • Share via facebook
  • Tweet this
  • Bookmark and Share

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)

Related:
Companies

Nakheel - UAE

Also in Real Estate

Qatar's Barwa to launch $4.9bn Golf City

EXCLUSIVE: Nakheel, Kerzner scrapped 'The World' hotel

Also in UAE

20% of MENA banks may need fresh capital

UAE eyes revamp of financial regulation

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

Posted by: ASham Bas Monday, 1 December 2008 9:13 AM[UAE] - United Arab Emirates

NO comments

Reply to this comment.

Posted by: omar Sunday, 30 November 2008 5:19 PM[UAE] - UAE

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.

Reply to this comment.

Posted by: Ibrahim Khalil Sunday, 30 November 2008 2:54 PM[UAE] - Kuwait

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

Reply to this comment.

Posted by: DG Sunday, 30 November 2008 1:37 PM[UAE] - UAE

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.

Reply to this comment.

Can't read the image? Click it to get a new one.

All comments are subject to approval before appearingTerms and conditions

Further reading

Get E-Mail Alerts
Get E-Mail Alerts
Features & Analysis
'Cruise with Nakheel' is offering an inside glimps of ongoing construction on Palm Jumeirah

Palm Jumeirah: Frond N project

New $80m project keeps development moving on Nakheel's iconic...

4

Real estate in Ras Al Khaimah

The $1.9bn Al Hamra Village is at the front line of Ras Al Khaimah...

4
organ Stanley, dubbed 2012 'The Year of the Landlord'

Rise in rental demand lifts US housing sector

With unemployment and home foreclosures rising, many Americans...

Most Popular
Most Discussed
Read all user comments »
  • 48
    Brits must respect UAE culture more - diplomat

    the majority of expats (as most people here argue that its a majority painting an entire nation the villain)....why are the filipinos and indians not the... more

    Sunday, 20 May 2012 9:17 AM - Arthur
  • 32
    Saudi Arabia bans use of Western calendar

    I dont think its that a big deal to be honest. companies and people who already work in saudi are aware of the Hijri new year so it woudnt affect them... more

    Wednesday, 23 May 2012 3:21 PM - Nas-h
  • 27
    Disputed Gulf islands belong to UAE - poll

    It is the Arabian Gulf because firstly Persia hasn't existed since 1935 and, therefore, does not appear on modern maps. So, by saying Persian Gulf we are... more

    Sunday, 20 May 2012 7:40 PM - Juma Said Juma
  • 25
    Nakheel targets 'young and trendy' for Palm project

    Palm Jumeirah = Disneyland. Is this the kind of community to invest in for a home ???? or a hotel ? It baffles me why people would invest in an apartment... more

    Wednesday, 23 May 2012 4:13 PM - Paul
  • 19
    Iran eyes Google legal action over Gulf naming

    Instead of clinging to anything that reminisces you of your obliterated past, why don't you spend sometime fixing your disgraceful and humiliating present... more

    Tuesday, 22 May 2012 9:30 PM - Fahd
Read all user comments »
Read all user comments »