Dubai property bubble bursts


Emaar Properties, the developer behind the world’s tallest tower, yesterday said it was reviewing its jobs policy in light of the global financial crisis after other developers shed jobs.

“It is now crucial that we use efficiency and maximise productivity, which includes revisiting our recruitment policies and optimising human resources,” Emaar said in a statement responding to a question on potential job cuts.

The United Arab Emirates’ largest bank has halted retail lending to foreigners employed by top Dubai property firms on fears a slowdown could jeopardise their jobs and income. Emirates NBD instructed staff on November 6 not to grant retail credit to foreigners working for firms including Emaar Properties, Tamweel and state-owned Nakheel, the memo showed.


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