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Tuesday, 13 September 2016

Dubai investment unit axes most of its staff -

Dubai investment unit axes most of its staff -

"Istithmar World, the investment unit at the heart of Dubai’s financial crisis, has made most of its staff redundant as the emirate cuts costs further to cope with the regional economic downturn fuelled by lower oil prices and global economic weakness.

More than 15 staff at the unit given the task of selling the assets of its parent Dubai World have been given their notice and will gradually exit the company in the coming months, people aware of the matter said.

“This is an important cost rationalisation,” said one executive briefed about the decision. “Just a skeleton staff will remain — it was too expensive.” Dubai World declined to comment."

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