Sliding property sales and severe slowdown in the global real estate market have forced Damac Properties to slash 200 jobs at its Dubai office, The National reported.
"The job cuts have been made across divisions including sales, marketing, recruitment and administration," wrote the Abu Dhabi-based newspaper.
Employees were given three months’ severance pay and were also issued a No Objection Certificate (NOC), to allow them to look for new jobs in Dubai, according to the newspaper.
The company’s chief executive, Peter Riddoch, said the decision was ‘inevitable’. “We regret that we have to lose colleagues but we believe that taking an early decision was the right thing to do,” quoted the newspaper.
According to the company’s senior vice president of communications, Niall McLoughlin, the number of jobs lost represent just 2.5 per cent of Damac’s total workforce, the daily reported.
“Despite the cutbacks, Damac, which expects to deliver 7,100 units to home buyers in 2009 and 2010, remains hopeful that the Dubai property market will fend off the challenges of a global economic meltdown.”