DAMAC Holding Group announce global staff review & reorganisation

The organisation with interests in properties, securities, food and investments has announced that 200 jobs will be retrenched in total (2.5% of global staff levels).

The company, which employs over 8000 staff worldwide, will see redundancies focused in those areas that have been directly affected by the contracting market including sales and marketing, recruitment and back office support functions.

DAMAC Properties CEO Peter Riddoch, said the tough decision had been inevitable in the light of the severe slowdown in the worldwide property market.

"We regret that we have to lose colleagues but we believe that taking an early decision was the right thing to do. The company must remain competitive in order to deliver on its commitments to customers and to safeguard the long term future of the business and the employees worldwide. This continuing global slowdown will inevitably lead all companies to review their staffing levels and recruitment requirements and as a competitive business the DAMAC Group has to ensure that it maintains its staffing levels according to market conditions - both good and bad."

he said.

In 2008 DAMAC Properties will deliver 2,300 units to customers with a further 7,100 planned for handover in 2009/10.

Mr Riddoch added, "I have little doubt that the UAE is still better placed than many other nations to deal with the challenges ahead in the global market. However as an international developer, we cannot expect to be unaffected by the downturn in countries like the UK. We have taken a worldwide view of our business and adjusted our plans in line with this. We believe this is the right thing to do in view of the current climate and that this will better enable the business to move forward."