02-09-2009, 10:14 PM
Dears
Economic situation here in UAE is not good since September 2008 as you know there is severe economic crisis hitting entire globe. But companies started down sizing of their employees or cuttings off their salaries since December 2008.
Both Dubai and Abu Dhabi Stock market having very low daily turnover and their indices are depicting at very low level of current financial market scenario as compare to previous years, from there you can assess how badly this crisis affected UAE market.
UAE is not diversify economy especially Dubai emirates, here major or only sector you can say is construction/real estate industry or its supporting industries. Other industry is shipping/cargo & Foods sector.
Major Jobs losing is happening because; big real estate companies have either abandon or deferred their projects due to lack enough liquidity, majority of projects 60 to 80% funded by banks, now this money is showing in CWIP of construction companies. Because of this major job losers are Labours/foreman and civil engineers and companies are keeping accounts/admin and other supporting departments with this ray of hope that situation will be improved in near future.
But still some companies are hiring because cheep employees are easily available, therefore, some people are still getting jobs.
We can only make forecast about future according best available options and resources, but all things are in Allahâs hand.
Regards
Tareq
Economic situation here in UAE is not good since September 2008 as you know there is severe economic crisis hitting entire globe. But companies started down sizing of their employees or cuttings off their salaries since December 2008.
Both Dubai and Abu Dhabi Stock market having very low daily turnover and their indices are depicting at very low level of current financial market scenario as compare to previous years, from there you can assess how badly this crisis affected UAE market.
UAE is not diversify economy especially Dubai emirates, here major or only sector you can say is construction/real estate industry or its supporting industries. Other industry is shipping/cargo & Foods sector.
Major Jobs losing is happening because; big real estate companies have either abandon or deferred their projects due to lack enough liquidity, majority of projects 60 to 80% funded by banks, now this money is showing in CWIP of construction companies. Because of this major job losers are Labours/foreman and civil engineers and companies are keeping accounts/admin and other supporting departments with this ray of hope that situation will be improved in near future.
But still some companies are hiring because cheep employees are easily available, therefore, some people are still getting jobs.
We can only make forecast about future according best available options and resources, but all things are in Allahâs hand.
Regards
Tareq
