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| by Jamie Stewart | Nov 17, 2008 |
Dubai-based Emaar Properties reacted to reports of job losses from within its ranks with a carefully worded statement, days after offering a “no comment” to Construction Week.
A spokesperson for the master-developer said, “It is now crucial that we use efficiency and maximize productivity, which includes revisiting our recruitment policies, and optimizing human resources.
“Emaar will pursue a recruitment strategy which will be suited to the market conditions and in line with the best interests of the company in the long term.”
Emaar shares were changing hands at just above the AED3 mark before the weekend as traders reacted to the job-loss reports, and fell to a low of 2.83 on Nov. 16. The latest price was AED3.30 at 2pm today.
Emaar shares have had a tumultuous ride this year, diving from AED15.20 in January to their current value.
The Emaar spokesperson continued, “With a significant presence in 18 global markets, Emaar has demonstrated smart resilience to the global financial crisis.
“However, to address the new challenges that we face, it is important to reorient our growth strategies and align our business model to tackle new realities.”
Last week the firm announced plans to prop up the faltering residential real estate market by instigating its “Plan to Own” and “Rent to Own” programmes, both intended to offer support to potential buyers of Emaar developments put off by the global financial situation.
Developers and contractors have been reluctant to discuss potential job cuts in the region despite the slowdown within the industry.
Rasmala Investments founder and CEO Ali Al Shihabi told CW at the Dubai Property Society’s monthly meeting a fortnight ago that more transparency was required from developers and contractors, particularly in the current financial climate.
“There is a global conspiracy of silence today,” Al Shihabi said. “Panic became so severe that it became self-defeating.
“The GCC will benefit from transparency because the (economic) model is much more solid and much more interesting. Be it the contractors, the developers, or the governments who are disclosing more – the more disclosure, the less panic, and the more confidence people will have.”
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