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Dubai Group slashes 70 pct of staff |
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09.16.2009 |
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Dubai Group, the finance arm of Dubai Holdings, has cut more than 70 percent of its staff since the global economic crisis started last year, UAE daily the National reported on Wednesday.
Dubai Holdings, which is consolidating its sprawl of companies with interests from real estate to aerospace to technology to toursim, is owned by Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum.
"Obviously, we continue to face challenges and unfortunately we had to let more staff go," Huda Buhumaid, the group's managing director of marketing and communications, was quoted as saying.
"There have been waves of layoffs since last November."
Dubai Group’s investments span 14 countries. It has stakes in Egypt's Commercial International Bank and Mazaya Saudi, a property developer.
Dubai Group's website says it has 2,021 employees and operates offices in Pittsburgh, New York, Istanbul, Hong Kong and Kuala Lumpur.
Buhumaid told the newspaper 60 people were still working at Dubai Group compared with 250 last year.
The most recent round of layoffs would have "minimum impact on the company", she said. "Every company is reviewing its operations and trimming."
Dubai Group, like many investment companies in the country, has been hard hit by the slump in global stock markets and the declining value of assets. Dubai's sovereign wealth fund Istithmar has cut more than three-fourths of its core investment staff, is halting investments and could sell assets, media reports have said.
Soud Ba'alawy, Dubai Group's executive chairman, has said in May the company had hired an international advisor to reassess its portfolio with an eye toward cutting holdings.
"The challenge is to find which companies fit together, how can they complement their businesses and how we can fulfil regulatory requirements at the same time," Ba'alawy has told newswire Dow Jones in an interview at that time.
Dubai Holding announced this year that it would consolidate the back offices of Dubai Group and Dubai Investment Capital to cut costs.
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Source:business.maktoob.com |
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