Dubai’s master developer, Nakheel, announced that it was scaling back work on some of its projects and that it has adjusted it staffing requirements accordingly to accommodate the current easing market conditions, reported the Emirates News Agency WAM.
Approximately 15 per cent of the total workforce, which amounts to 500 employees, was made redundant, said a Nakheel spokesperson, who described the decision as a responsible action in light of the current global market conditions.
“We have the responsibility to adjust our short term business plans to accommodate the current global environment. The redundancies are indeed regrettable, but a necessity dictated by operational requirements which are in turn dependent on demand,” added the spokesperson.
All the affected employees were provided a redundancy package, which includes outplacement support services to assist in this time of transition.