Dubai's Emaar Properties, the developer behind the world's tallest tower, said on Thursday it was reviewing its jobs policy in light of the global financial crisis after other developers shed jobs.
"It is now crucial that we use efficiency and maximise productivity, which includes revisiting our recruitment policies and optimising human resources," Emaar said in a statement responding to a Reuters question on potential job cuts. Emaar, the Gulf Arab region's largest property developer by market value, said it would it would look to reorient its growth strategies to "tackle new realities."
The company did not give further details on the extent of the job review or specify if any jobs would be cut. Emaar shares, down nearly 80 percent this year, were down 5.04 percent to 3.19 dirhams a share at 0902 GMT. "This will help the company ... as it will save on overhead costs," said Hamood Abdulla al-Yasi, general manager at Emirates International Securities. "That is their intention and they are not the first ... They are adapting to the bad situation."
Emaar is 32 percent owned by the Dubai government. The United Arab Emirates faces a slowdown in loan growth and real estate activity as it grapples with the fallout from the global financial crisis. Emaar's possible cuts come after Damac Holding, Dubai's largest property developer, said on Tuesday it would axe 200 jobs due to the worsening global outlook and expectations the emirate's thriving real estate sector may have hit its peak.
Omniyat Properties, another Dubai-based developer, will also make redundancies as it rethinks the timing of new project launches, The National reported earlier on Thursday. Citing sources close to the firm, it said Omniyat would cut 60 jobs.
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