Dubai's Nakheel cuts 500 jobs as global crisis hits

Source : REUTERS
Last Updated: Sun, Nov 30, 2008 13:19 hrs

Dubai: Dubai government-owned Nakheel, developer of the Gulf trade hub's man-made palm islands, said on Sunday it had cut 500 jobs or 15 per cent of its workforce as it scales back projects amid the global financial crisis.

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"We have the responsibility to adjust our short term business plans to accommodate the current global environment," it said in a statement quoting a spokesperson.

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"The redundancies are indeed regrettable, but a necessity dictated by operational requirements which are in turn dependent on demand."

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Nakheel said earlier his month it was witnessing a slowdown in the rate of real estate sales. Last month it said it had scaled back dredging work on its massive Palm Deira project, the largest of three palm-shaped islands that was planned to house 1 million people.

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