I think this is a perfect example of fantasy versus reality in Dubai. On November 20th Dubai put on the greatest fireworks show in world history on Palm Jumeirah to celebrate the grand opening of Mega Resort, Atlantis The Palm. The entire celebration was reported to cost anywhere from $20,000,000 to $40,000,000 depending on who you want to listen to. It was another Dubai world's biggest and world's best. It was amazing.
Only 4 days later, on November 24th, we learn from ArabianBusiness.com in an article entitled 'Tameer axes half its workforce' that Dubai Mega Developer, Tameer, will lay off HALF its workforce!! From the article:
"UAE-based developer Tameer is to lay off around half of its workforce amid the slowdown in the local real estate market caused by the global financial crisis, Arabian Business has learnt. Tameer last week handed redundancy notices to around 180 employees stating that Dec. 31 would be their last day at work, staff said.
"No one is buying or selling. Everyone wants to sell, no one wants to buy," said another employee.
"The developer's projects include the Podium in Dubailand and Platinum Towers in Business Bay in Dubai, and Tameer Towers on Al-Reem Island in Abu Dhabi, according to its website."
....and then the article goes on about other Dubai Mega Developers axing jobs:
"News of the job cuts comes the same day as Dubai-based developer Omniyat Properties confirmed it has axed nearly a third of its workforce to ride out the real estate downturn. Dubai developer Damac said earlier this month it planned to lay off 200 employees. Emaar Properties chairman Mohamed Ali Alabbar said on Monday there "might be" redundancies as a result of the slowdown in the market."
I am sure the irony of Dubai throwing a $20,000,000 party while Mega Developer Tameer lays off half its workforce does not escape you. And I am sure you can also see how this perfectly illustrates the fantasy versus reality that is going on in Dubai right now.
This link takes you to the ArabianBusiness.com article used in this post:
http://www.arabianbusiness.com/539377-tameer-axes-half-its-workforce
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