Thursday, November 27, 2008

Tameer, Omniyat, Emaar axe jobs

Leading UAE-based developer Tameer has announced job lay-offs involving half of its workforce in view of the slowdown in the UAE property sector caused by the global financial turmoil.

Tameer handed over redundancy notices to about 180 employees last week. The company has a total of 350 employees. The main projects by the developer include the Podium in Dubailand, Platinum Towers in Business Bay, Tameer Towers in Al-Reem Island in Abu Dhabi.

The news of job cuts came on the same day when Omniyat Properties confirmed job cuts affecting one-third of its workforce, in order to ride out the real estate downturn. The company axed 69 jobs, and also called back few of its previously announced projects.

Damac Holding, the largest property developer in Dubai, also announced plans to lay off 200 employees.

In the meanwhile, the Chairman of Emaar Properties, Mohammed Ali Alabbar, said that there are possibilities of redundancies, due to the current slowdown witnessed in the market.

The financial crisis has hit the demand for properties in Dubai from foreign investors, which constitute the bulk of buyers, while tightening liquidity has made home financing seem more difficult.

According to reports by HSBC, the property prices in Dubai fell 4 percent between September and October this year, with the villa prices dropping by 19 percent.

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