Dubai Princess, Tameer - World's Tallest Residential Building axes half its workforce

UAE-based developer Tameer, The Dubai Princess is to lay off around half of its workforce amid the slowdown in the local real estate market caused by the global financial crisis, Arabian Business has learnt.

United Arab Emirates, AL (prHWY.com) November 20, 2012 - UAE-based developer Tameer, The Dubai Princess is to lay off around half of its workforce amid the slowdown in the local real estate market caused by the global financial crisis, Arabian Business has learnt.

Tameer last week handed redundancy notices to around 180 employees stating that Dec. 31 would be their last day at work, staff said.
The company has 350 employees, according to business website Zawya.

"On Thursday we received notice that our last day would be Dec. 31," said one employee, who asked not to be named. "It is very sad; a lot of people have lost their jobs."

Staff said the cuts have been made across the board and not isolated to specific departments.
They said further jobs cuts were expected due to the slowdown.

"No one is buying or selling. Everyone wants to sell, no one wants to buy," said another employee.

Tameer was not immediately available for comment when contacted by Arabian Business.
The developer's project, Dubai Princess, Tameer - World's Tallest Residential building includes the Podium in Dubailand and Platinum Towers in Business Bay in Dubai, and Tameer Towers on Al-Reem Island in Abu Dhabi, according to its website.

The financial crisis has hit demand for real estate in Dubai from foreign investors, which make up a large percentage of buyers, while tightening liquidity has made home financing more difficult.

HSBC said in a report earlier this month property prices in Dubai fell four percent between September and October, with the price of villas tumbling 19 percent.
News of the job cuts comes the same day as Dubai-based developer Omniyat Properties confirmed it has axed nearly a third of its workforce to ride out the real estate downturn.
A total of 69 jobs, including 32 staff on probation along with others in sales and marketing, have been lost, executives said.

Dubai developer Damac said earlier this month it planned to lay off 200 employees.
Emaar Properties chairman Mohamed Ali Alabbar said on Monday there "might be" redundancies as a result of the slowdown in the market.

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