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Thu 4 Dec 2008 01:33 PM

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Tatweer confirms jobs review amid global slowdown

Developer behind $64bn Dubailand project says no redundancies but 'reviewing numbers'.

Tatweer, the state-owned company building the massive theme park development Dubailand, said on Thursday it is reviewing jobs in light of the global financial crisis.

Manaf Afyouni, senior vice president of Tatweer told Arabian Business: “We will continue to review our numbers in view of the projects but at this point in time we have no plans [to lay off staff].”

Responding to a question about potential jobs cuts at Tatweer, which is owned by Dubai Holding and employs around 1,200 people, Afyouni said: “We have not made any people redundant as a reaction to market conditions.”

The announcement from Tatweer comes after weeks of intense speculation about job losses in Dubai’s real estate sector which is struggling in the face of a regional liquidity squeeze, tighter mortgage lending, and the global economic slowdown.

Palm developer Nakheel announced earlier this week it was cutting 500 jobs and Emaar, the largest developer in the Middle East, previously said it was also reviewing staff numbers.

Last month, developer Damac announced it was letting go 200 workers and Omniyat said it was slashing more than 60 positions.

Dubailand is a $64 billion leisure and entertainment theme park consisting of 45 separate mixed use projects.

Tatweer is also the developer behind Bawadi, a Las Vegas themed tourist and leisure resort which will feature Asia Asia, the world’s largest hotel with 6,500 rooms.

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SR 11 years ago

Based on this statement, I think we should expect the worse. I think the market will be far better off if the officials/key players start providing unambiguous and consistent information thus providing a clear direction. This kind of "beating around the bush" statements only add to more speculation (mostly negative at the moment).