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Nakheel may cut 500 jobs
Dubai Government-owned property developer Nakheel may cut up to 500 jobs due...
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Oct 12th, 2009
Dubai Government-owned property developer Nakheel may cut up to 500 jobs due to the effects of the financial crisis, reported UK-daily The Independent on Monday.
An announcement on the redundancies is expected shortly, claims the paper, without revealing its source.
“Nakheel continues to evaluate its projects and commitments against market conditions and opportunities. In doing so, the company also evaluates its cost base and efficiencies,” Nakheel said in an emailed statement to Zawya Dow Jones on Monday.
Nakheel is due to pay a $3.52 billion Islamic bond that matures in December.
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Actually the 500 employees will be dicharged on this wednesday and another 500 employees will follow them after one week later …
Nakheel is planing to keep only 200 employees Only by the end of this year.
Expect an announcement around Nakheel, Limitless and Isthimar very soon.