By Andy Sambidge
UPDATE 1: Dubai developer says move will help to 'maintain commitments to customers'.
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
'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
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.
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.
Deyaar are not the only ones.
I have a friend in Contruction business in American firm who told me that if his company does not get any contract by end of Dec 09 then they will close down the Dubai office plus he also told me that there are going to be more job losses in Dubai as construction has come to a halt and now expats are pulling out their hard earned cash from UAE fast.
Well I have to say it makes sense because Deyaar is now clearly focusing on property management services, rather then sales. I am very confident in saying that Deyaar is one of the best developers in Dubai. They dont hide anything, and they even returned money back to customers. no one does this.
As discussed recently in another AB story. This is only the beginning of a second wave of job losses. Many companies here are holding out hoping for things to improve. They may well improve but not anytime soon. Standby for futher announcements (or maybe they wont announce them as with many others!)
This is rich. Deyaar wants to "maintain its commitments to customers", something of a new idea for this failing firm. Yet it can do this with 80 per cent of the staff and boldly announce it. This has to be the only country in the world where firms thing announcing they have fired staff is a positive news item, let alone something they can boast about to the authorities. Woe betide anyone who tried this in the first world.
It's about time... I am a Deyaar customer and I can tell you with confidence that they have many employees that basically do nothing. Go visit them and you'll see them standing around laughing and drinking coffee. Try getting anything done and you'll be faced with a bureaucratic process that frustrates everyone except the employees. Relatively speaking, Deyaar is one of the best but they act like a government agency and am not happy with them. They do not return money to anyone... that's a load of crap. Let's just say that they are the best of the worst.
In Next 2-3 years. DOllar is going to Crash Severly, Devaluing the UAE assets abroad. Best time to invest in Agrobased Industries. Keep Food Storages because bad times are coming
Maninder...I'd suggest the $US has less than 12mths left in its life. United Nations recommended 2wks ago that a 'new world reserve' currency should be introduced. Oil Traders are talking about selling and buying oil in a basket of currencies...denied after the news broke...but thats to be expected. If these two things happen or are muted in the following months ahead...everyone will bail out of the $US. China, Russia and Japan are exiting quietly now. China and Russia being heavy buyers of Gold. The USA are doing nothing but printing money that is coming from fresh air because it is backed by nothing except good faith which the administration is fast losing... Without the $US having worldwide support, the US economy is doomed as well because there is no way they can pay off their massive debts without the $US being the world reserve currency. Furthermore...Obama talks of a jobless recovery...What a joke!! There is no such thing!!! its impossible to have a jobless recovery just as it is impossible to spend your way out of debt! hmmm...I seem to have gone off track but I was interested by your point...because it is very valid. The food bit...well thats another area of discussion that no one will believe...
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.
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