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Dubai Group, the financial services and investment arm of Dubai Holdings, has cut more than 70 per cent of its staff since the financial crisis hit last autumn, an official said.
The disclosure comes as Dubai Holdings moves closer to consolidating its vast network of companies.
“Obviously, we continue to face challenges and unfortunately we had to let more staff go,” said Huda Buhumaid, the group’s managing director of marketing and communications. “There have been waves of layoffs since last November.”
Dubai Group has invested in a range of industries around the region and has taken stakes in companies that include Egypt’s Commercial International Bank and Mazaya Saudi, a property developer...[ Read full story]
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