The United Arab Emirates labour ministry on Wednesday said it would regulate the dismissal of nationals working in the private sector, raising another level of protection around the local workforce as the ravages of the financial crisis cut deep into the Gulf state.
Issued by Saqr Gobash, labour minister, the order threatens to raise concerns among investors in the Arab world’s second-largest economy as the financial crisis forces companies to trim staff levels that ballooned during the six-year petrodollar boom.
Property and financial companies, especially in Dubai, have been shedding staff since the credit crunch triggered a real estate crash in the emirates. The gloom has spread to other previously vibrant sectors, such as tourism, with the recently opened Atlantis hotel cutting staff and Dubai hospitality giant Jumeirah planning redundancies.
No comments:
Post a Comment