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FINANCIAL NEWS
Abu Dhabi job cuts drive soften: Analysts
29 Jan 2012
(MENAFN) Analysts recently expected job cuts at the state-linked companies in Abu Dhabi to soften after the UAE capital vowed to press ahead with key infrastructure projects in 2012, Arabian Business reported.
Chris Greaves, GCC managing director of recruitment consultancy Hays said last year, companies including Aldar Properties and Abu Dhabi Authority for Culture and Heritage cut dozens of jobs, however the government’s move to inject money in new projects should help rein staff cuts.
Ben Waddilove, director of Dubai recruitment firm MacDonald and Co., said the Abu Dhabi companies that had an expat clear-out towards the end of last year and the beginning of this year are by and large finished. However, pay rises will be few and far between over the next 12 months, however, he added.
Analysts predicted last year a drive of job cuts after Abu Dhabi last year moved to delay cornerstone projects worth billions of dollars, amid fears a slowdown in Europe and the US could hurt its economy.
Nevertheless, Abu Dhabi’s recent decision to approve a number of key projects, including spin-off branches of the Louvre and Guggenheim museums, hints that the city is loosening the purse strings again.
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