By Lin Noueihed and Raissa Kasolowsky
Dubai-based port operator freezes recruitment without pronounced job cuts.
Dubai-based port operator DP World said on Monday it was reviewing all expansion strategies and freezing recruitment as growth slows in 2009.
Chief Financial Officer Yuvraj Narayan told reporters on a conference call that DP World did not believe there would be pronounced job cuts but was in no hurry to expand through acquisitions until the market stabilises.
DP World said volume growth on consolidated terminals grew 10 percent in the fourth quarter on the same period in 2007, though that was slower than earlier in the year.
He said the results of the expansion review would be completed in a month and the company would announce its results and outlook in March. (Reuters)
, If lessons are to be drawn from this financial turndown and for Dubai to go forward in its quest to become recognized in the world of trade and commerce, we look to the leaders of Dubai to place more emphasis on creating stronger manufacturing industries. This will create a back bone of business for the country and make Dubai less reliant on such fickle markets of properties and tourism. To use a metaphor, the more strings we have to our bow the better the music. MADE IN DUBAI has a good ring to it. pap