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Wed 16 Sep 2009 08:39 AM

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70% of Dubai Group staff lose jobs amid global crisis

Only 60 people still working at the company, compared to 250 last year - official.

Dubai Group has seen “waves of layoffs” since the global financial crisis hit at the end of last year, a company official has said.

The financial services and investment arm of Dubai Holdings has made more than 70 percent of its staff redundant since November, according to a report in UAE daily National on Wednesday.

Huda Buhumaid, the group’s managing director of marketing and communications, told the paper that 60 people were still working at the company, compared to 250 last year.

“Obviously, we continue to face challenges and unfortunately we had to let more staff go,” she said. “There have been waves of layoffs since last November.”

Buhumaid said the most recent layoffs would have “minimum impact on the company”.

“Every company is reviewing its operations and trimming,” she added.

Dubai Group's parent company, Dubai Holding, has announced that it was merging the back offices of Dubai Group and Dubai Investment Capital to cut costs.

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lowai 10 years ago

Dubai group is one of the most organized and prestigious companies in UAE and who ever worked with them he experienced the best work atmosphere in town. I hope they will be able to stand up against the crises and get beck on the track. There were many projects planned for Dubai that would even compete with Borj Dubai and would add great vlaue to the society.