Omniyat cuts jobs, delays projects
Dubai, November 25, 2008
Dubai-based developer Omniyat Properties said it had cut 69 jobs and scaled back on its projects as the global financial crisis hits the emirate's real estate sector.
Most of the redundancies would be in the sales, marketing and support services functions, the company said in a statement.
'With the current market conditions, we have taken the decision to consolidate all of the projects that we have launched to date. Our new projects will remain under design until such a time as the market conditions become more conducive,' Mehdi Amjad, the firm's executive chairman and president said.
The company had previosuly said its project pipeline would reach Dh21 billion ($5.72 billion) by year-end.
Emaar Properties could make job cuts as it looks to weather the crisis, its chairman Mohamed Ali Alabbar said on Monday, while Damac Holding, Dubai's largest property developer, said this month it would axe 200 jobs.-Reuters