rhrhrh

Rumours are running wild that the Aldar Raha Beach development is to be largely mothballed for the foreseeable future, the only areas to carry on building will be around the F1 track and of course the Aldar Head Office building

Large scale redundancies to be announced today and tomorrow

busybee2

i have been hearing that, the race track will get finished, it has to but all the hotels that were planned will not, there is the nice round building, which of course is 70% finished on the outside or so, but if they havent started the foundations doubt they will. have been hearing problems with the contractors etc as well. it does not surprise me about the redundancies, some have already been done, not that they are admitted it big time yet

busybee2

r you working on it?

busybee2

the etihad buildings are not going ahead, because they have put hold on them, as they now have the new buildings up at new office etc.

rhrhrh

apparently two top level meetings today and tommorow

talk is of 50% expat staff cut

busybee2

i am not surprised, been happening in all other firms here in ad and in doobye too! no one is immune to this.

benzonar

I can't believe how short sighted they are being. It's not like the AD market is overcooked like Dubai. Shame they don't see it as an opportunity to et it done properly, and take advantage of lower commodity prices and labour rates.

I suspect the AD SWF took a real pasting lately and the cash just isn't there

busybee2

but the problem is the expensive housing for the people who are there to build it which in turn puts up the prices on the contracts, so they would need to correct that and then it wouldnt be as bad.

Grace O Malley

Cant say i am surprised, the salaries at ALdar were outrageous

Blue Cat

high or low

Grace O Malley

ridiculously high!

Blue Cat

aha I a guessed as much, but I don't know anyone with them, probably won't now

busybee2

i know quite a few people connected with al raha beach, and also some that have bought there as well, wonder what will happen, they will be stuck with a mortgage and a rolling time scale now

andrewpops

I had a conversation with somebody working at Aldar yesterday, they basically said the same thing. Any project not out of the ground will be "postponed", current projects will probably be finished. There is currently a recruitment freeze, from 15 a week to zero hires.

He also mentioned that another AD developer (one beginning with S) is struggling to get finance for projects.

He told me, not sure how valid this is, but LOR cut back 3000 staff (all levels) and are now tendering for work on all Aldar projects rather than a "cost plus" basis.

I suspect major pain to come yet....

rhrhrh

depressing eh?

Aldar LOR was/is the biggest expat employer in AD, OPCO'S aside

Its only gonna get worse

On a brighter note, accomodation should start getting cheaper in the new year