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“The rate of growth in
Growth in the neighbouring emirates of
Arabtec, whose shareholders include private equity firm Abraaj Capital Limited, operates in the UAE,
The group includes more than 10 companies such as Austrian Arabian Ready Mix Concrete Company and is the contractor for Burj Dubai, the world’s tallest building being developed by Emaar Properties PJSC.
Arabtec has “no immediate plan” to cut its workforce of about 52,000 as none of its projects have been delayed, although some future orders may be rescheduled or redesigned, Makhzoumi said.
These changes “will not have a major impact on our business because of our backlog,” he added.
Nakheel PJSC, the Dubai-owned
developer of three palm-shaped islands in the Gulf, said on November 30 it
will cut its workforce by 15 per cent, or
500 jobs, as it scales back some of its projects. Emaar, the
Arabtec is being “prudent” and “planning for a slowdown to make sure we are not caught unprepared if there are major changes in the market,” Makhzoumi said.
The company may move people across projects if necessary although some people recruited for specialised developments may leave when those are completed, he added.
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