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Sacking Bag Update


K-Dog [color=blue]Lets start a new thread since the last one went off track.[/color]
Dubai World Trade Centre (DWTC) laid off 108 employees on Thursday as a result of the global economic downturn, the company has announced.
sage & onion
I heard 75% of staff from RMJM Consultants. ArchitectRoel @TS Can you post an updated list of the sacking bag? sage & onion
You can also contibrute K-Dog Atlantis cuts 70 jobs, Jumeirah to reduce staff JOBS CUT: Seventy jobs have been lost at luxury hotel Atlantis while the Jumeirah Group is also looking at reducing staff numbers.Luxury Dubai hotel Atlantis, which opened last year with a $20 million party, has announced that 70 staff have lost their jobs. sage & onion
Jumeirah to cut 100 jobs we just heard, also Dubai Holdings to announce by end of week. gtmash I hear from my Indian "junior-staffer" friend that Lamprell cut 60 Brit execs. Then he himself got fired. He hasn't been paid or gone to work for the past month. They will cancel his JAFZA visa at the end of this month and 'deport' him the same day. Being a typical Indian, he doesn't even know he is entitled to various payouts by law, including his last salary. NEWZEALANDER
Re Consultancy firms, H......W sacked 150 last week, W......S 60 this week, A.....S 50% gone home last month , M...L 60% reduction, B....S LL 75 staying home watching TV and smoke, like me! senior project director - very experienced in TV programs as present :lol: kashaziz Guys, I am trying to maintain a global layoff track at dailyrecession[dot]com
All the help in reporting (authentic) job cuts and recession-related news will be highly appreciated. deadlife yea man the companies in uae are crumbling

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RobbyG Well, the issue of 1500 visa cancellations per day is history. It gets worse, see the link for more information; - Brrrr...there's a chilly wind passing through Dubai :wink: sage & onion
For some this is true. RobbyG US subsidiary of Emaar Properties - has filed for Chapter 11 bankrupcy protection, claiming between $500 million and $1 billion in debts. 1010 layoffs Captain Australia I don't understand this. How does a company like bloody Emaar get into financial trouble after being one of the biggest real estate companies in one of the fastest growing cities during an historic boom period? The should have made billions from selling the properties they constructed. What happened to the money? Sure in the last few months it might be expected that profits would slow, but huge lay-offs and subsidiary bankruptcy? Come on. Doesn't anyone do simple risk analysis and realise that a 20% drop in sales or whatever will result in complete financial ruin, and maybe plan for that? It's just greed that put these companies in the position they are in now. A multi-billion dollar company backed by a diversified portfolio and cash reserves should be able to handle a couple of bad years at least. We're only a few months into this crisis and they're dropping like flies. RobbyG Captain, Its very simple actually. The Arab world learned to use capitalism with help of the United States. They hired all those MBA financial expats initially from Wallstreet America and you know how that ends. Now handling another ones money is easy, and getting a bonus for investment targets looks easy too. But the problem with developers like Emaar is they use massive leverage to fund their boom of projects. There lies the problem. The first project is not even completed and they already fund the next one with proposed earnings from the projected sales valuation reports they set up. So its simply a margin money expansion policy like the US government uses to fund the housing boom of 2002 to 2007. And its the same like they do now, with those bailouts. Borrow more money from foreign governments and try to get the spending going...propping up values so the real losses are covered. Unfortunately for Emaar and companies alike, they are not in possession of a printing press, let alone a world reserve currency that everybody wants when every other asset in the world comes down... edit: For Captain &feature=related sage & onion Dutco Balfour Beatty last week laid off 5000 people. K-Dog Taisei laid off approx 1000 last week. Captain Australia
Cheers for that link Robby. That video pretty much says it all. It was risk, but risk with huge profits. But the law of averages says that you can't continue to gamble and win every time. They're losing now, and haven't put away the cash to let them ride it out.
BTW: 27 seconds in, my building is the yellow one on the left. ha! Built in 2005 though, so it's old. :-) RobbyG Wow Cap, thats a nice building to live in. Are you on rent or on mortgage? ps; Check topic about villa prices down 45% for more video's about the current downturn in Dubai property market from different perspectives.
Captain Australia Cheers. Nice building to live in, except there is a dispute between the owners, the agents and the building maintenance people so the f*ckers wont fix my leaking toilet until the fees are paid. God, nothing is simple in this country. Oh, and I'm renting a 1 bedroom. 120K but with nice view of the palm. As much as I wish goodwill towards those losing their jobs, I'm also hoping for a property collapse, just so I can get cheaper rent when I renew in June. Hit the floor baby! ;-) K-Dog What a load of B.S.!!!!!!! I love the fact that the "official" Nakheel figure still stands at 500. In reality it's 5-6 times that. And Meeras is refusing to release that info :) K-Dog Job losses in Dubai construction top 3,500 by Jamie Stewart on Saturday, 21 February 2009 GROWING REDUNDANCIES: The official number of job losses in Dubai construction industry has topped 3,500. (Getty Images)The number of official job losses in Dubai's construction industry in the past three months has shot past the 3,500 mark, it was revealed on Saturday. The figure, compiled by Construction Week, covers official announcements only and the actual number of redundancies is believed to be substantially higher. The figure also does not include job losses in directly related fields such as real estate, building supplies and PMV. To date 3,533 jobs in Dubai's construction industry have been lost. The sector has been rocked by plummeting demand for real estate as investors the world over struggle to raise the finance required for the purchase of property, due to the inability of banks to lend in the current financial climate. Al Shafar General Contracting was among the worst affected, announcing the loss of up to 1,000 jobs last December. Nakheel was also heavily hit with 500 official redundancies during the same month. Consultant WS Atkins has trimmed its numbers by 210, while Dubai Labour Supply Company (Dulsco) let go of 800 workers in two batches. Many other developers, including Meraas, which is overseeing the $95bn (AED350bn) Jumeirah Gardens development, unveiled at last year's Cityscape Dubai, has admitted that redundancies have been made, but has not released figures. Firms have also said they have been forced to relocate staff to projects in other GCC countries, to avoid making redundancies. Last week Arabian Business reported that up to 20,000 Indian construction workers have been bulk-booked onto flights out of Dubai, either to return home on extended leave, or to be relocated to alternative projects in the Gulf. macjul as lay offs and redundancies are sweeping through the world economies, Dubai will have or is having its fair share, but the double whammy will be felt due to the unique labor situation that they will have to leave the city, once they loose their jobs, reducing valued consumers and savings from the economy. The real danger is not only in the financial and real estate sectors, but in all others with the same severity. So the numbers of the above mentioned industries may only reflect a portion of the total job losses. RobbyG
Maybe giving this guy a call will help lower your rent? 8)
I have a close up of your building at 6:45 in the following vid. Nice view Captain. Very nice view but theres a price to pay for it...my god. What business are you in?
&feature=related Captain Australia
What a freaky video. The music is Mission-Impossible-esque and makes me consider the place as a secret lair or evil laboratory. :-) TheChoosen RBS will sack 20,000 ppl K-Dog
RobbyG, I generally enojoy your posts but can't we stay on topic of this thread. You adviced other people to do the same in another thread. RobbyG
Kay-Doggg, I'll do that next time.
Next time, you try to see the context of my 'other topic agumentation' before you try to become better friends with me 8) K-Dog I have absolutely no reason to befriend you. We are all, well almost all, anonymous posters on this forum. I made a civilized comment. Take it or leave it, up to you. Don't get defensive. RobbyG
You're not going to cry are you now?
:lol: :lol: :lol:
ps; If I want to say a thing or two to Captain that relates to this topic, I'm not going to open another topic, nor let me be corrected by a clumsy rat that really happens to be a hamster :lol: :wink: :lol: noaman ITP Publishing House - 10% and suspended / closed several titles %20%20%20%20&page=local%20news&title=Jobs,%20titles%20cut%20at%20publisher worldguy Amlak, Tamweel and other major banks have made lot of expats redundant. The same applies to Government departments ... though lot of staff have been given extension till May or June. The reality will strike then and it will be hard, but good for the long term development of this region. If the growth would have continued in the same light, then the fall would have been harder. This fall will also hopefully make companies realise that just by hiring western expats does not mean success. All are humans and you can only succed by getting the best of the world. I hope the companies are lot careful in risk analysis and build wealth and not leverage. They need to look at IRR in a more realistic manner. RobbyG City7 cuts 90 jobs in Dubai ITP Publisher cuts 60 jobs Media sector is being hit significantly. noaman
Would you know which govt departments are these?!?! K-Dog Limitless lays off 38 staff Angela Giuffrida Last Updated: March 31. 2009 11:42AM UAE / March 31. 2009 7:42AM GMT Dubai property developer Limitless has made 38 staff redundant and is reviewing the pace of its developments as a result of the global economic downturn. The cuts, which equal seven per cent of its total workforce, have been made across the board at the firm’s Dubai head office and at some of its global offices. “We have made a difficult but necessary decision in response to current market conditions,” said a Limitless spokesman. sage & onion I know one Consultancy that went from 247 staff down to 42 Misery Called Life Does any one have figures of Banks and Investment companies in the UAE? sage & onion
You could always try the financial times K-Dog
Yes I know quite a few but I guess we are trying to update this thread as "official" news. Or are we? sage & onion
Sometimes it's difficult to get official news as you put it, for some reason so many people/companies are simply denying that their is a problem whilst they send their people to the airport. K-Dog
I hear you brother Onion. K-Dog Emirates airline offers staff unpaid leave Staff Report Published: April 01, 2009, 23:20 Dubai: Emirates airline yesterday announced that it has decided to offer unpaid leave to its cabin crew. "After a careful review of our operational requirements, we have decided to offer our cabin crew staff the opportunity to apply for unpaid leave on a purely voluntary basis, starting from May 2009. In anticipation of our growing fleet, Emirates' recruitment efforts over the past 12 months have been highly successful in meeting our operational requirements. Combined with a sharp drop in cabin crew attrition, we now find ourselves in a position to be more flexible as an employer," an Emirates spokesperson said in a statement. "We believe some of our staff will welcome the opportunity to take time off to pursue personal interests such as: further studies, hobbies, or simply to spend time with family and friends," the airline said. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Cabin crew may opt for unpaid leave from a period of one month up to a maximum of six months. "While on leave they will still be employees of the airline, and continue to be eligible for various benefits including paid accommodation and travel concessions." gtmash B. Farrow, the GM of Hertz UAE, and the guy who wrote safety columns here and there, got fired. I found out while randomly browsing FB groups and coming across his open profile. RobbyG
This was clearly a moment I've been waiting for to see happening. Unavoidable in current circumstances. sage & onion
This was one of the most significant indicators yet. Bora Bora Parting words from Emirates HR before you go on your unpaid leave: "In the event we need to get in touch with you, please let us know where you can be reached." In other words: "Please let us know where we can reach you to let you know that you have been made redundant." RobbyG
positive note: O my, are you a stewardess BB? how lovely. ;)
negative note: Are you made redundant?
kissy to my kitty Bora Bora
:cat: Can you feel it? :tongue7: RobbyG Like being 'snowed' upon :lol: Whats next for you? Any options? Bora Bora
The Hump has been getting "Snow" dumped on him, while a certain "Red" faced individual is on the attack. Something to do Russian women turning really ugly when they hit a certain age. Unfortunately I started that and The Hump is getting the flack. arniegang todays Finacial Times Bovis Homes and Land to shut down all Middle East Operations and Projects to concentrate and pull resources back to the UK Market. RobbyG
Wise decision. dresden Limitless, developer for Arabian Canal claiming reduction of 7% of its workforce according to following article: %20%20%20%20&page=local%20news&title=Canal%20hit%20by%20Limitless%20job%20cuts In reality, the job cuts will be the only thing Limitless. Pun intended! :sad11: desertdudeshj A friend working for Dubai Holding said they have laid off around 500 hundred staff combined as in all there sister companies combined like mizin etc etc Luckly he is still on the payroll. rudeboy has anyone on the forum been personally made redundant? RobbyG
I wonder if you ever actually READ a post. Numerous have past my eyeball.
You should pay more attention to regular posts rudeboy
this FLY is really buzzzing around. seriously no1 can hear this fly??? RobbyG
Do you always use someones jokes in reverse!? :) sage & onion
Can you send me the link to that article.



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