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Property job losses in Dubai continue unabated

The latest to announce staff layoffs is UAE-based developer Tameer. Half of its workforce of 350 have been handed redundancy notices stating that December 31 would be their last day at work. The cuts are across the board and more are expected.

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. This is despite making profits of Dh500 million for the first nine months of this year.

It is a sign of the state of concern under current economic conditions and Hussain Sajwani, chairman of Damac Holding, said that while their projects that have already been launched are still going ahead, plans to expand to new territories, such as India, Pakistan and Morocco, are now on hold.

He added that the company has Dh700 million in escrow accounts for all their Dubai projects and he believes that with smaller developers leaving the market and demand still high, the market will recover fast, probably in 2010.

Now developer Limitless said it is reviewing its staffing levels. Limitless, which is controlled by government-owned Dubai World, also said it is reviewing the pace of development in response to market conditions. The company's portfolio includes projects in Jordan, Saudi Arabia, Russia, India, Malaysia and Vietnam.