Milford Real Estate in Dubai closes shop, 28 employees lost job
Dubai-based Milford Real Estate was forced to cease trading on Sunday, making it one of the first full casualties in the emirate’s property industry of the global economic downturn.
Pam Brown, general manager, confirmed by telephone to Arabian Business that the firm, which was established in 2002, had now folded.
Between 20 and 28 employees are thought to have lost their jobs at the firm’s two offices, with the main branch located on Sheikh Zayed Road.
One former employee, who wanted to remain anonymous, said: “Business was shocking, it was very tough out there. A lot of other agencies are struggling too.”
The company opened a new branch at Dubai Marina in The Harbour Hotel and Residence last summer just as the world’s economic climate started to turn sour.
From Arabian Business
