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FINANCIAL NEWS
Yas Marina Circuit slashes around 60 jobs
01 Jul 2011
(MENAFN) Abu Dhabi Motorsport Management’s (ADMM) communications director, Peter Rae, said that as part of the company’s plan to focus more on its commercial business, the manager of Yas Marina Circuit would cut around 61 jobs, reported Arabian Business.
Rae added that in order for the company to make money, it would have to run well and have less costs, furthermore, the employees involved in the issue were given the choice to either leave the job at once or to work out their notice.
He also said that the firm also ran the circuit’s racing properties in addition to other facilities on the circuit grounds, including the drag strip and carting.
It is worth noting that ADMM was founded as a joint venture between the Government of Abu Dhabi and developer Aldar Properties three years ago to manage the construction of Yas Marina Circuit, home of the Abu Dhabi Grand Prix, and the ongoing operations of the track.
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