Nakheel
Jul 18th 2009, 2:00 pm
#1
Forum Regular
Thread Starter
Joined: Jan 2008
Posts: 197
Nakheel
Just been reading an interesting article on the current state of job losses at Nakheel - apparently nearly 900 job losses since Dec 08 - and came across some interesting quotes...
http://www.thenational.ae/apps/pbcs....707089928/1051
A junior level staff member, for example, could earn about Dh80,000 (US$21,780) a month with a company such as Nakheel, according to Simon Hobart, the managing director of the recruitment firm Millennium Solutions.
Everyone was earning big money in the first six to eight months of last year, with the problems associated with that now being enormous, Mr Hobart said. Nakheel was paying people too much, it all went a bit mad. Some of these guys were only 24 or 25 years old. Today, they’d get a third of what they were on.
huge salaries and extremely generous pay off's still in Dubai by all accounts......!!
http://www.thenational.ae/apps/pbcs....707089928/1051
"We were given a redundancy package of six months' pay" one former staff member who was laid off last week said.
A junior level staff member, for example, could earn about Dh80,000 (US$21,780) a month with a company such as Nakheel, according to Simon Hobart, the managing director of the recruitment firm Millennium Solutions.
Everyone was earning big money in the first six to eight months of last year, with the problems associated with that now being enormous, Mr Hobart said. Nakheel was paying people too much, it all went a bit mad. Some of these guys were only 24 or 25 years old. Today, they’d get a third of what they were on.
Last edited by Foxes; Jul 18th 2009 at 2:03 pm. Reason: sp
Jul 19th 2009, 12:32 pm
#2
Concierge
Joined: Feb 2007
Posts: 29,625
Re: Nakheel
and these people now wonder why they are out of a job? totally inflated salaries huge housing allowances and now they are unemployed. What can I say ...
Jul 19th 2009, 1:37 pm
#3
Lost in BE Cyberspace
Joined: Dec 2006
Posts: 23,434
Re: Nakheel
Well, the Dubai World/Holding companies' remuneration structure was a big catalyst behind the huge increase in cost of living in Dubai...It started a spiral where they are paying their people that much money, then getting money back from them in the form of huge rents (because they are the biggest landlords), and then also charging the other tennats the same exorbitant rent by saying that "oh, it's the market rate; ask your neighbour what they are paying"...
Jul 19th 2009, 3:04 pm
#4
Concierge
Joined: Feb 2007
Posts: 29,625
Re: Nakheel
Well, the Dubai World/Holding companies' remuneration structure was a big catalyst behind the huge increase in cost of living in Dubai...It started a spiral where they are paying their people that much money, then getting money back from them in the form of huge rents (because they are the biggest landlords), and then also charging the other tennats the same exorbitant rent by saying that "oh, it's the market rate; ask your neighbour what they are paying"...
Jul 19th 2009, 4:51 pm
#5
Lost in BE Cyberspace
Joined: May 2008
Posts: 5,125
Re: Nakheel
and aldar in ab dabs.
Jul 19th 2009, 5:55 pm
#7
Lost in BE Cyberspace
Joined: May 2008
Posts: 5,125
Re: Nakheel
i would say so.
Jul 19th 2009, 5:55 pm
#8
Lost in BE Cyberspace
Joined: May 2008
Posts: 5,125
Re: Nakheel
and mubadala too.
Jul 19th 2009, 6:05 pm
#10
Lost in BE Cyberspace
Joined: Dec 2006
Posts: 23,434
Re: Nakheel
Busybee who you talkin' to???
