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Dubai Group reduces staff count
- United Arab Emirates: Tuesday, November 27 - 2012 at 05:37
Dubai Group, part of Dubai Holding, has reduced by half its staff of about 30 people, as part of cost-cutting measures in its $10bn restructuring, Reuters has reported, citing unnamed sources. "We can confirm that a number of staff have been made redundant as part of the constant cost review process, this will not impact the management of our investment portfolio," a Dubai Group spokesman said. Among those to leave the firm is chief investment officer Trevor Regan, who joined the company in December 2011, one of the sources said. The company has been in negotiations with creditor banks, which are owed $6bn of the total, since missing interest payments on two loan facilities in 2010. The remaining $4bn is owed to shareholders and classified as internal lending.
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