By Glen Carey
Nov. 30 (Bloomberg) -- Nakheel PJSC, the state-owned developer planning a kilometer-high tower in Dubai, has cut its workforce by 15 percent as the company tries to limit the impact from the global financial crisis.
The Dubai-based developer announced the loss of 500 jobs in an e-mailed statement today.
“We have the responsibility to adjust our short term business plans to accommodate the current global environment,” the company said in the statement. “The redundancies are indeed regrettable, but a necessity dictated by operational requirements which are in turn dependent on demand.”
To contact the reporter on this story: Glen Carey in Dubai at gcarey8@bloomberg.net.
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