The project is part of the city's efforts to increase fish stocks, support sustainable fishing and contribute to boosting food security
“We have the responsibility to adjust our short-term business plans to accommodate the current global environment,” the company said in a statement.
It said the redundancies were “indeed regrettable”, but were necessary due to operational requirements which are in turn depend on demand.
“All the affected employees were provided a redundancy package, which includes outplacement support services to assist in this time of transition,” the statement said.
Earlier this month, Nakheel said it was witnessing a slowdown in the rate of real estate sales.
Nakheel joins a growing list of property firms cutting back on staffing to survive a decline in real estate prices.
According to an HSBC research report,
The report said property prices in
Dubai-based Omniyat Properties also confirmed it has axed 69 jobs while
Another Dubai-government owned developer Emaar Properties could make job cuts as it looks to weather the impact of the global financial crisis. The property-giant announced this month that it would pursue a recruitment strategy, which would be suited to the market conditions and in line with the best interests of the company in the long run.
The property sector is being affected in a number of ways. Lloyds TSB Middle East has stopped granting mortgages for apartments in the UAE and now requires a 50 per cent down payment for villas due to ‘exceptional market conditions’.
The 15-time major champion, who has not played since having ankle surgery in April, shot a three-over-par 75
After almost a year out with injury the former world number one to return to competitive tennis in January
Discussions were held to organize camps as part of various Russian team’s preparations for the 2024 Paris Olympics
The announcement at COP28 in Dubai puts Turkey in the race against Australia
Under a system in place since October 21, aid trucks had to drive for inspection to the Al-Awja and Nitzana crossing on Egypt's border with Israel before returning to Rafah, a round trip of more than 80km
Palestinian officials say 109 people killed since truce expired as aid trucks stuck on Egypt's border with Gaza
The non-Bank Division was won by the Orient Travel Team