Aldar, the Abu Dhabi developer whose $5.2bn bailout became a signal of the outlandish UAE property bubble, has cut jobs again but remained stubbornly silent on how exactly it plans to end its woes.
A “strategic plan” announced by the company on Monday consisted of lay-offs of almost a quarter of its already pared-down 420 staff – but offered few other clues about what it would do to turn itself around.
With a $1.1bn bond repayment due in just ten days time, analysts are still scratching their heads on how exactly one of the UAE’s flagship state-owned companies is going to reinvent itself in tougher times.
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