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Dubai World Lays Off 100 Employees as Crisis Bites
Staff Report / 11 February 2009
DUBAI — Government-run holding company Dubai World said on Tuesday it laid off 100 employees as it restructures its workforce amid the deepening global economic downturn.
The decision affected employees in the company’s corporate services division, consisting mostly of mid and lower level staff.
“The consolidation follows a prolonged period of intense business expansion. In reviewing staffing levels, the Group aims to bring new efficiencies in its operations for future growth opportunities,” Dubai World said in a Press statement.
Dubai World said that despite recent job cuts, “it has a well-diversified investment portfolio that is helping weather the economic storm.”
The company manages a portfolio of businesses and projects for the
Dubai World, when launched as a holding company in July 2006, had more than 50,000 employees in over 100 cities around the globe.
The companies managed by Dubai World include DP World, one of the world’s largest port operator, Jafza, property giant Nakheel,
The group has extensive real estate investments in the
In November last year, Nakheel, developer of palm-shaped islands off the coast of Dubai, citing the global credit crunch, said it trimmed 15 per cent of its workforce as it scaled back projects including the Trump Tower.
The property company said it will delay work on the Palm Jumeirah’s
Last month, Dubai World investment arm Istithmar World, which invests in the
Last year, Istithmar World and Nakheel purchased a 20 per cent stake in Montreal-based Cirque Du Soleil.
State-owned and private companies in the seven-member
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