Omniyat cuts jobs as real estate squeeze continues

by Andy Sambidge Wednesday, 12 November 2008

More real estate jobs have been lost in Dubai after Omniyat Properties became the latest developer in the emirate to confirm cuts.

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Alex Andarakis, Omniyat’s managing director of sales and marketing, said jobs would be lost in light of the global and regional slowdown in the property market.
He declined to reveal how many staff would lose their jobs but sources close to the firm told UAE daily The National on Wednesday that about 60 jobs are likely to be axed.

Omniyat is the developer behind projects including the cube-shaped The Opus which was launched in May and is under construction in the Business Bay district of Dubai, near the Burj Dubai.

It also announced in October that it had broken ground on Gemini, an 500 million dirham freehold office tower in Dubai's Business Bay, comprising 20-storeys and 260,237 square feet of office space.

“We have a number of projects in the pipeline, which will be brought to the market when conditions can cope with them. Considering this, there are likely to be some redundancies,” Andarakis told the paper.

The latest redundancies follow the news that Damac Propertiesis cutting 200 jobs across its sales, marketing, recruitment and administration divisions in light of a severe slowdown in the global property market.



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