Nakheel cuts 400 more jobs in overhaul

As per the latest media reports, Nakheel, a property developer owned by Dubai World, has taken up the decision to make nearly 400 more staff redundant, since the company continues an overhaul brought on by the downturn in the property sector.

According to a source close to the company, the redundancies were staggered over the past two weeks, and are on top of the 500 jobs that were cut last December.

It was put forth by one former staff member who was laid off last week that the laid-off workers are given a redundancy package of six months' pay.

Almost every Dubai developer has faced adverse conditions due to the economic downturn, which has led to a significant fall in property prices and sales.

The redundancies were confirmed yesterday by Nakheel, since the company continues to readjust its present business objectives, to relate supply and demand in the most effective way. The company, however, did not say how many jobs have been cut.