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  • Middle East Unrest Update

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    Jo Hopworth on Justice For Natalie – Na…
    Mariam on Criminal Complaint filed in Ge…
    Martin Kraeter on ACI Dubai Funds filed bankrupt…
    Independent Observer on Iranian’s lawsuit reveals roya…
    Rado on DubaiTouristen landen schnell…
    Dubai Citizen on Al Fajer Properties Case…
    Dane on Outlook in concrete- Dubai Wor…
    jamesl fayad on RERA Dubai – Dubai Prope…
    Jacques on Malika Karoum finally arrested…
    James Brown on ACI – Alternative Capita…
    Journalist on Al Fajer Properties-500 Invest…
    ron oakeley on ACI – Alternative Capita…
    Benson Fu on Shahram Zadeh against Al Fajer…
    Monika on RERA – Dubai mulls cance…
    Ali Varahram on Shahram Zadeh against Al Fajer…
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  • RSS Dubai United Arab Emirates Property Real Estate Debt Fraud Developer Investor Court News

    • Criminal Complaint filed against Al Fajer Properties Sheikh Maktoum
      Criminal Complaint filed in Germany against Sheikh Maktoum Hasher Maktoum Juma Al Maktoum CEO of Dubai Developer Al Fajer Properties The Dubai Sheikh who mislead and extort a German Couple  Germany – Dubai 2011 A German elderly couple , today 80 + 50 years old who have been Dubai Tourists since a decade, bought in 2005 an apartment at Nakheel´s Dubai Residen […]
    • UAE: Human Rights Blogger, Sorbonne Lecturer Charged With ‘Humiliating' Officials
      source Human Rights Watch www.hrw.org (Beirut) - The United Arab Emirates attorney general should immediately drop all charges against five pro-democracy activists to halt their trial, Human Rights Watch said today. The charges of "humiliating" top officials relate solely to the defendants' peaceful use of speech to criticize the UAE governmen […]
    • Nakheel Dubai Sunland Case
      June 5, 2011After 21 hearings, Chris O'Donnell, the Australian chief executive of Dubai's major developer, Nakheel, came to the defence of his former colleagues Matthew Joyce and Marcus Lee. Mr Joyce and Mr Lee are accused of profiting from the sale of land that had been earmarked for a colossal high-rise development, which was to include the futur […]
    • Dubai Nakheel CEO decided to leave the company
      Dubai June 7, 2011 Nakheel said on Wednesday that its CEO Chris O'Donnell had left the company "after completing his contract terms". O'Donnell, an Australian who joined the developer in 2006, said he had decided to leave Nakheel following five years spent with the company, the statement added. O'Donnell has overseen a traumatic time […]
    • Owner of Dubai Developer Damac Hussain Sajwani files case against Egypt corruption ruling
      Dubai property developer Damac said on Tuesday it had filed an international arbitration case against Egypt over a land dispute and the conviction of its chairman and owner, Hussain Sajwani.A Cairo court last week sentenced Sajwani in his absence to jail and ordered him to pay a $40.5 million fine in connection with his 2006 purchase of land at Egypt's […]
    • Dubai Palm Jumeriah - Investors plan to take legal action
      Investors in Dubai Palm Jumeirah’s Golden Mile complex will this week serve the developer behind the project with a legal ultimatum to hand over their units or issue them with a refund.Up to ten investors in the luxury complex plan to issue Souq Residences with legal notice in a bid to force a resolution to a dispute that has been ongoing for more than a yea […]
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The big next question in Dubai – Layoff at Limittless and Nakheel

Posted by 7starsdubai on March 1, 2010


original source  Blog Crane Country The National by Bradley Hope

Dubai World property developers have undergone a new round of lay-offs, as chief restructuring advisor Aiden Birkett cuts the companies down to size and reduces costs.

Limitless has laid off about 20 per cent, or 55, of its staff. It currently has 220 employees, according to former staff. The company had about 500 staff at its peak.

“Limitless has reorganised and streamlined its operations as part of its ongoing strategy to reduce costs while continuing to maximise productivity,” a spokeswoman said. “Regrettably, this has impacted jobs.”

A Nakheel spokesperson said the company “continues to readjust its current business objectives and the resources to match as part of the restructuring process”. The company has previously let go of more than 1,000 people. It had 3,500 people at its peak.

The fate of these two property developers is the next big question in Dubai. They owe billions of dirhams in debt to banks and contractors. And they have giant, unfinished projects that need new capital to ever be complete. Nakheel’s Palm Jebel Ali – which is even larger than the finished Palm Jumeirah – comes to mind.

As does the Arabian Canal, which was a planned 75km waterway through the desert outside Dubai. A short visit to the site this weekend found it completely abandoned, although the company did impressively dig several kilometres of it. (Check out the original multimedia package The National did on the canal here.) More pictures of the current state of the canal here.

Some analysts believe they will be merged together after selling off some assets to become a new Dubai developer with a new brand. Others believe that at least one of them will simply be liquidated. Another optimistic camp believes they will be restructured and continue operating. Either way, there are major changes afoot.

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