Thursday, April 02, 2009

Limitless announces layoffs, postpones $61bn project

The leading Dubai-based property developer, Limitless, has announced a seven percent reduction in its workforce, and has also put on hold the major $61bn Arabian Canal Project, owing to global economic downturn.

The company, in its statement, mentioned that it has made this difficult, but necessary decision, in response to the current market conditions. Unfortunately, this indicates job-losses for a small proportion of a staff.

The job cuts by Limitless are the latest to hit its parent company, Dubai World.

As for its decision to delay the Arabian Canal project contract, Limitless says "Our invitation for bids on phase 2 of the excavation drew healthy response from local and international firms. We have contacted them to advise them about the postponement of awarding this contract."

However, the company confirmed that the work on Phase One of the Canal is in progress. The company has a vast portfolio of projects in Saudi Arabia, Jordan, India, Russia, Malaysia and Vietnam.

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