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Business Home > Archive
 
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 government across a wide range of industry segments and projects that promote Dubai as a hub for commerce 
and trading.

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,  Dubai Maritime City, Dubai Multi Commodities Centre, Istithmar World, Kerzner, One & Only, Atlantis, Island Global Yachting, Limitless, Inchcape Shipping Services, Tejari, TechnoPark, P&O Maritime, Discovery Gardens and Tamweel.

The group has extensive real estate investments in the US, the UK and South Africa.

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 Gateway Towers, the Trump International Hotel & Tower. It also delayed long-dated infrastructure work on some of its $30 billion projects, such as aspects of the Palm Jebel Ali.

Last month, Dubai World investment arm Istithmar World, which invests in the US  and Europe, cut  its workforce by 10 percent due to global 
market conditions.

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 United Arab Emirates federation, the Arab world’s second-largest economy, have been hit by the international financial crisis which has forced some to resort to staff layoffs. 

·         rocel@khaleehtimes.com

 

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