Nakheel makes more job cuts - The National Newspaper

Nakheel has embarked on a fresh round of job cuts as the Palm islands developer seeks to reduce costs and nears a deal with hundreds of creditors after a cash injection of US$8 billion (Dh29.38bn).

Just over 1,000 employees now work for the Dubai World-owned property developer after a series of redundancies that began at the end of 2008, a senior official said.

At least 50 people across all functions of the company have been laid off in recent weeks, bringing the company’s total workforce down to less than a third of its 2008 peak, he said.