Dubai workforce slashed

Dubai's residential market slump took a turn for the worst yesterday as Nakheel, the Government-owned property developer, announced it was slashing 15 per cent of its workforce and it emerged that Morgan Stanley and Credit Suisse also are cutting regional staff...

Developers across the emirate are altering, reducing and in some cases scrapping residential construction plans, in light of falling Dubai property prices.

Nakheel, which last month held a star-studded opening party for the Atlantis hotel on the reclaimed Palm Jumeirah, said it had made about 500 staff redundant in response to "current easing market conditions".

Other property firms, such as Emaar and Damac, have also shed staff as the property downturn steepens.

Property agents in Dubai are reporting that home prices in some parts of Dubai have fallen by up to 50per cent in recent months.

Source: www.homesoverseas.co.uk