Entries categorized as UAE
20,000 Indian workers to be flown out of UAE
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.
The move comes More...
Mashreq Bank cuts 175 jobs
Mashreq has announced that it has axed up to 175 staff, four percent of its global workforce, to reflect reduced market activity.
In a statement, the bank said: “The redundancies reflect a lower level of market activity. The affected employees were selected due to either their role being no longer viable, or as a result More...
UAE Poised For Two-year Slump
The UAE is poised for two years of slow economic growth as its property sector is hit by the global financial crisis and banks rein in expansion, the central bank governor said.
Growth in gross domestic product (GDP) in the world’s fifth-largest oil exporter would fall to low-single-digit levels in 2009 and 2010, Sultan Bin Nasser More...