Employee numbers in the UAE’s beleaguered construction and real estate sector have fallen up to 35 percent since last autumn, recruitment consultant Macdonald & Company has revealed.
Between 25-35 percent of jobs have been lost in the industry since the economic downturn hit last October, according to Matthew Taylor, international director at Macdonald & Company, which employs around 120 staff worldwide.
He predicted average salaries in the industry would be cut between 10-20 percent in 2009, as firms slash costs in the wake of the global crisis.
“The market has been hit for a six over the last ten months. A lot of people have been made redundant,” said Taylor.
A collapse in real estate and construction has triggered mass redundancies over the last ten months, especially in Dubai.
Egyptian investment bank EFG-Hermes predicted in March Dubai’s population would contract by 17 percent this year. Talking about the effect of widespread lay-offs in Dubai Taylor said: “A number of people have left with a particularly sour taste in their mouth, therefore it will affect recruitment [in the region].”
Macdonald, which specialise in property and construction, said demand in asset and property management was strong despite the downturn.
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