A second wave of job cuts could continue into next year as companies feel the pinch of the economic downturn, a senior banker has warned despite renewed confidence in a recovery.
The global slump has seen thousands of jobs lost in the financial and property sectors in the UAE during the past 12 months as credit lines have dried up and commercial and residential property sales have stalled.
Concern about further redundancies could put even more strain on the consumer business of banks, which have already been forced to set aside billions of dirhams since the beginning of the year to cover potential defaults.
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