The Dubai Property Collapse Continues...

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Nov 30th 2008, 9:12 am

#61

Slingshot

same shit different day

Joined: Jun 2007

Posts: 1,049

Slingshot has a reputation beyond repute

Re: The Dubai Property Collapse Continues...

Quote:

Originally Posted by busybee2

500 or 15% i did know about this a little while back but a certain other kitty let it out of the bag

I suspect most people in the industry here knew about it but if you work with/for them it is not really good business sense to discuss it on an open forum

Nov 30th 2008, 9:13 am

#62

Slingshot

same shit different day

Joined: Jun 2007

Posts: 1,049

Re: The Dubai Property Collapse Continues...

Quote:

Originally Posted by commander

so is this the smurfs or the western managerial types getting the bullet..

was speaking to my mate on Friday who is a PM for a big player out here and he assured me that (as i think ceebee eluded) that they are using this to get rid of some of the old school expat dead wood.

that is what most companies do initially but sadly some of the good folk also go in the chop

Nov 30th 2008, 9:14 am

#63

Blue Cat

Concierge

Joined: Feb 2007

Posts: 29,625

Re: The Dubai Property Collapse Continues...

Is it 15% layoff or 40%??

for a fact - 40%

Expats gone first - all senior managers / project managers / procurement managers/ legal / accounting you name it - they are gone

one division of one of the entities reduced their workforce on thursday from 600 to 4

Scary that this is the first run through - expect more apparently.

(taken from EW)

Nov 30th 2008, 9:15 am

#64

Blue Cat

Concierge

Joined: Feb 2007

Posts: 29,625

Re: The Dubai Property Collapse Continues...

Quote:

Originally Posted by Slingshot

I suspect most people in the industry here knew about it but if you work with/for them it is not really good business sense to discuss it on an open forum

its sounding like the casualties had no idea what they were going into work today to hear?

Nov 30th 2008, 9:19 am

#65

Slingshot

same shit different day

Joined: Jun 2007

Posts: 1,049

Re: The Dubai Property Collapse Continues...

Quote:

Originally Posted by Blue Cat

its sounding like the casualties had no idea what they were going into work today to hear?

these things always leak out but I cannot comment whether their staff knew or not - I am sure some did

Nov 30th 2008, 9:20 am

#66

commander

banned

Joined: Oct 2008

Posts: 7,611

commander has a reputation beyond repute

Re: The Dubai Property Collapse Continues...

shit happens, too many underqualified chased the dollar and came here, nature of the beast.

Nov 30th 2008, 9:29 am

#67

Autonomy

Joined: Jul 2004

Location: currently Dubai, ex UK

Posts: 4,582

Re: The Dubai Property Collapse Continues...

Trump Tower cancelled. Foundations will be levelled...

Nov 30th 2008, 9:40 am

#68

shiva

**** it we'll do it live

Joined: Oct 2004

Location: Dubai

Posts: 7,892

Re: The Dubai Property Collapse Continues...

Quote:

Originally Posted by Autonomy

Trump Tower cancelled. Foundations will be levelled...

where'd you get that one? was speaking to a nice bloke at the caledonian ball last week who is a legal advisor on that one, he seemed pretty confident it was all go?

Nov 30th 2008, 9:48 am

#69

Autonomy

Joined: Jul 2004

Location: currently Dubai, ex UK

Posts: 4,582

Re: The Dubai Property Collapse Continues...

Quote:

Originally Posted by shiva

where'd you get that one? was speaking to a nice bloke at the caledonian ball last week who is a legal advisor on that one, he seemed pretty confident it was all go?

a friend of my work colleague was working on it and he is redundent as of this morning and says the whole project has been pulled, not just suspended.

As far as I am aware Trump was the brand only, it was a joint project between Habtoor and Nakheel...

Nov 30th 2008, 9:51 am

#70

shiva

**** it we'll do it live

Joined: Oct 2004

Location: Dubai

Posts: 7,892

Re: The Dubai Property Collapse Continues...

Quote:

Originally Posted by Autonomy

ouch, yup my understanding was branded only but Trump had a big say in finish etc as he wanted to protect the brand image for "tasteless yet expensive"

Nov 30th 2008, 10:11 am

#71

Blue Cat

Concierge

Joined: Feb 2007

Posts: 29,625

Re: The Dubai Property Collapse Continues...

Quote:

Originally Posted by Autonomy

Trump Tower cancelled. Foundations will be levelled...

so it's not all doom and gloom then! that is one positive result! I do however feel sorry for the people who have lost their jobs

Nov 30th 2008, 4:46 pm

#72

Kim67

Lost in BE Cyberspace

Joined: Jun 2008

Location: Brisvegas

Posts: 5,461

Re: The Dubai Property Collapse Continues...

Just got a call from a girlfriend who moved here a month ago from Aus - hubby went to work for Nakeel this morning and was given his marching orders. They're furniture has just arrived at the port and it looks as though it's going straight back on the boat. She seems in pretty good spirits and was having a laugh about it, poor bugger.