Pay offs have started-Building slow down
Oct 31st 2008, 4:32 pm
#1
Thread Starter
Joined: Jun 2008
Posts: 1,271
Pay offs have started-Building slow down
2 major multi discipline services consultants laid off over 50 Architects/Engineers/cad operators on Thursday using cancelled projects as the reason. lets hope they find work somewhere in the very near future.
Oct 31st 2008, 5:01 pm
#2
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Posts: 787
Re: Pay offs have started-Building slow down
I have been working on one of the major developments in Dubailand. We have been instructed to stop work for circa 3/4 months whilst the developer assesses the overall situation.
I also know of several 'large scale' projects that are now officially on hold
I also know of several 'large scale' projects that are now officially on hold
Oct 31st 2008, 6:38 pm
#3
banned
Joined: Oct 2008
Posts: 7,611
Re: Pay offs have started-Building slow down
reality bites....
even in my seemingly untouchable industry, we are hearing rumblings of new builds being cancelled
even in my seemingly untouchable industry, we are hearing rumblings of new builds being cancelled
Oct 31st 2008, 8:54 pm
#4
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Joined: Aug 2004
Location: Dubai
Posts: 2,082
Re: Pay offs have started-Building slow down
Can confirm the same with a 'rather large'
development.
development.
Nov 1st 2008, 8:00 am
#5
Concierge
Joined: Feb 2007
Posts: 29,625
Re: Pay offs have started-Building slow down
no surprises then? seems like it is becoming a reality
Nov 1st 2008, 2:22 pm
#6
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Location: Cheltenham, UK
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Re: Pay offs have started-Building slow down
Are all these slow downs associated with a certain Dubai World Developer beginning with "N" ?
A little birdie tell me that their slow down is due to (or partly due to) a Dhs20bn shortfall.
A little birdie tell me that their slow down is due to (or partly due to) a Dhs20bn shortfall.
Nov 1st 2008, 2:51 pm
#7
Lost in BE Cyberspace
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Location: By the old canal...
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Re: Pay offs have started-Building slow down
No shit??? Is Abu D showing signs of slowing down too, or is it just DBX??
There's a lot of media coverage on the recession here in the UK but little sign that people are tightening their belts yet - restaurants, shops, bars and clubs still heaving at the w/end although there was talk on CH4 that people will soon start feeling the fallout of the banking collapse & tax burden...
There's a lot of media coverage on the recession here in the UK but little sign that people are tightening their belts yet - restaurants, shops, bars and clubs still heaving at the w/end although there was talk on CH4 that people will soon start feeling the fallout of the banking collapse & tax burden...
Nov 1st 2008, 3:31 pm
#8
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Re: Pay offs have started-Building slow down
The one I meant starts with an E.....they do the tallest something or other....
Nov 1st 2008, 4:58 pm
#9
Lost in BE Cyberspace
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Posts: 5,125
Re: Pay offs have started-Building slow down
but its also happening with n apparently.
Nov 2nd 2008, 2:39 pm
#12
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Location: Dubai
Posts: 132
Re: Pay offs have started-Building slow down
The developers are not the ones slowing down the construction market its the banks, they are not realising interim funds to continue projects
This will have a massive impact on expat employment in Dubai as consultants, contractors are prevented from proceeding as payments will not be forthcoming.
This will have a massive impact on expat employment in Dubai as consultants, contractors are prevented from proceeding as payments will not be forthcoming.
Nov 2nd 2008, 4:02 pm
#13
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Posts: 2,502
Re: Pay offs have started-Building slow down
An architect friend of mine in one of the larger practices around here just confided that they're now having trouble collecting payment from the developers. Says this has never happened before, and now all of a sudden developers are coming up with excuses for delaying payments.
The developers are not the ones slowing down the construction market its the banks, they are not realising interim funds to continue projects
This will have a massive impact on expat employment in Dubai as consultants, contractors are prevented from proceeding as payments will not be forthcoming.
This will have a massive impact on expat employment in Dubai as consultants, contractors are prevented from proceeding as payments will not be forthcoming.
Nov 2nd 2008, 6:16 pm
#14
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Location: Dubai
Posts: 2,082
Re: Pay offs have started-Building slow down
An architect friend of mine in one of the larger practices around here just confided that they're now having trouble collecting payment from the developers. Says this has never happened before, and now all of a sudden developers are coming up with excuses for delaying payments.
and it's only going to get worse methinks.
Nov 3rd 2008, 3:02 am
#15
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Posts: 389
Re: Pay offs have started-Building slow down
The company I work for got everyone together around 3 weeks ago and gave us the old cliche "don't worry we have loads of work, your jobs are safe" isn't that what happens before a football manager gets the boot?