Dubai-based investment bank Shuaa Capital announced a round of job cuts in November as it moved away from retail brokerage business after markets in its home base declined and losses increased.
In the first phase 29 people will be affected.
Law firm DLA Piper cut eight jobs, while a “small number” of lawyers have taken voluntary sabbaticals.
The company is hopeful of making no additional changes to an “excellent team that is doing well in a testing market”.
From Arabian Business
Gulf-based publisher ITP announced on Wednesday that it is laying off some 60 people and closing nine magazines this week.
The company continues to publish over 75 consumer and business magazines and web sites in the Middle East and India, including Arabianbusiness.com.
The owner of City7, an English language TV station in Dubai, confirmed on Monday that 90 jobs have been lost, adding that there will be more emphasis on news and information in the future.
Mohi-Din Binhendi, president of Bin Hendi Enterprises, denied media reports last week that City7’s remaining 50 employees would have to take a 20 percent pay cut.
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.
Dubai cancelled 86 percent more residency visas in January this year compared with the same period in 2008, official figures revealed on Tuesday.
Data from Dubai’s Ministry of Interior Naturalization & Residency (DNRD) shows that 54,684 residency visas were cancelled during the month of January, compared with 29,418 in January 2008 – an 86 percent increase.
According to figures released by Indian Consulate in Dubai, 20,000 Indian workers, mostly labourers working in the construction industry, are leaving UAE in bulk booked flights to India.
They are either being sent back home on long leave, or are being redeployed to work on projects in other Gulf countries, such as Qatar.
Architectural design company Burt Hill has announced 111 redundancies at its Dubai office following a strategic review of the business.
The job cuts were carried out in response to the slowdown in Dubai’s property market, the US company, which designed the MotorCity project being developed by Union Properties, said in a statement on Tuesday.
Dubai-based investment bank Shuaa Capital yesterday confirmed it had started redundancy consultations with 21 staff in order to realign its cost base.
“Staff affected representing nine per cent of Dubai-based employees are from across the business, with the majority being in middle and back office positions and from non-fee-based businesses,” the company said.
Recent Comments