Info from Construction Industry
Nov 10th 2008, 7:23 pm
#16
Guest
Posts: n/a
Re: Info from Construction Industry
Because Mr Alabbar tells the truth yes? Just like Mr Riddoch. Just like Mr Schon CEO...
Emaar has lost a fortune with bad investments (US sub prime mortgage co's) and bad partnerships (Emaar India), the share value has fallen to just over Dh4 a share from Dh16 in the space of the past year. It has shelved plans to list in London (which were ludicrous plans anyway), has backed out of sponsoring somr events and is in back pedal mode with regards to people missing payments.
Make no mistake - while its not about to go under...things are not rosy.
Emaar has lost a fortune with bad investments (US sub prime mortgage co's) and bad partnerships (Emaar India), the share value has fallen to just over Dh4 a share from Dh16 in the space of the past year. It has shelved plans to list in London (which were ludicrous plans anyway), has backed out of sponsoring somr events and is in back pedal mode with regards to people missing payments.
Make no mistake - while its not about to go under...things are not rosy.
Nov 11th 2008, 3:34 pm
#17
same shit different day
Joined: Jun 2007
Posts: 1,049
Re: Info from Construction Industry
Hey everyone, I'm new here and have been nosing around a bit, so thought I'd put my two cents in.
From my experience, the news is not all doom and gloom. Although Dubai has been hit worse than other areas of the Middle East, major projects are still going ahead.
The big developers are making redundancies but that's mainly because they took way too many people on in a ridiculously short period of time without planning properly.
The guys that I work with still have loads going on in Abu Dhabi, Oman and Qatar which hasn't been affected. It depends who you work with I suppose, the companies with a lot of Western investment are suffering, but the one's that are well established and haven't put everything into Dubai are Ok.
From my experience, the news is not all doom and gloom. Although Dubai has been hit worse than other areas of the Middle East, major projects are still going ahead.
The big developers are making redundancies but that's mainly because they took way too many people on in a ridiculously short period of time without planning properly.
The guys that I work with still have loads going on in Abu Dhabi, Oman and Qatar which hasn't been affected. It depends who you work with I suppose, the companies with a lot of Western investment are suffering, but the one's that are well established and haven't put everything into Dubai are Ok.
at least you got a nice payrise where you are and you can always look at Dubai further in your career
Nov 11th 2008, 3:36 pm
#18
same shit different day
Joined: Jun 2007
Posts: 1,049
Re: Info from Construction Industry
My hubby's department in a big multi-D is inundated and has just won another couple of contracts. Who knows if the budgets will be cut later on (almost certainly), but at the moment, there's still a lot of work.
If anything, they'll probably re-phase the bigger projects and hold the later phases.
It may also depend on what you do exactly. If you're one of us fluffy artistic types that "just make the building/landscape look nice", then you may find budgets cut quicker than if you're from a serious engineering profession. [very obviously tongue in cheek there]
If anything, they'll probably re-phase the bigger projects and hold the later phases.
It may also depend on what you do exactly. If you're one of us fluffy artistic types that "just make the building/landscape look nice", then you may find budgets cut quicker than if you're from a serious engineering profession. [very obviously tongue in cheek there]
