Nakheel, one of the world’s largest privately owned real estate developers, has announced plans to scale back work and cut staff.

Just days after the high profile arrival of the QE2 at its new home in Dubai, new owner Nakheel says it is scaling back work on some of its projects and that it has adjusted it staffing requirements accordingly to accommodate the current easing market conditions.

Approximately 15 per cent of the total workforce, some 500 employees, are being made redundant, said a Nakheel spokesperson, who described the decision as a responsible action in light of the current global market conditions.

“We have the responsibility to adjust our short term business plans to accommodate the current global environment. The redundancies are indeed regrettable, but a necessity dictated by operational requirements which are in turn dependent on demand,” added the spokesperson.

All the affected employees were provided a redundancy package, which includes outplacement support services to assist in this time of transition.

Nakheel’s projects are estimated to be worth $80 billion. Upon completion Nakheel’s waterfront projects will have added more than 1,000km of shoreline to Dubai’s coastline.

Nakheel’s Dubai portfolio includes Nakheel Harbour & Tower, Palm Jumeirah, Palm Jebel Ali, Palm Deira, The World, Waterfront, The Universe, Jumeirah Islands, Jumeirah Village, Jumeirah Park, Jumeirah Heights, The Gardens, Discovery Gardens, Ibn Battuta Mall, Al Furjan, International City, and Dragon Mart.

Source: CPI Financial

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