Dubai International Financial Center, the Gulf emirate’s state-owned tax-free business park, has cut jobs as part of a business “review” and to lower costs.
The DIFC declined to specify how many jobs it reduced in an e-mailed response to questions from Bloomberg News, saying it is “reviewing its strategic focus” that will “result in an optimum utilization of resources.”
DIFC opened in 2004 to attract international banks, asset managers and insurers and is home to the regional offices of Goldman Sachs Group Inc., Citigroup Inc. and HSBC Holdings Plc. Property prices in Dubai, the second-biggest of seven states that make up the United Arab Emirates, have fallen more than 50 percent from their peak in 2008 as the credit crisis led to a cut in mortgage lending and pushed companies to scale back.
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