The property firm confirmed on Monday that it has laid off 69 employees as it reviews its project portfolio.
Omniyat wields axe on payroll numbers
Omniyat Properties confirmed on Monday that it has laid off 69 employees as it reviews its project portfolio in light of the global economic meltdown and a slowdown in sales. The majority of jobs were lost in sales and marketing, as well as back office functions. About 5 per cent of staff within the project management function were also laid off. "With the current market conditions, we have taken the decision to consolidate all of the projects that we have launched to date, focus our resources to deliver them on time, in full and with the ultimate Omniyat customer experience, said Medhi Amjad, the chairman. "Our new projects will remain under design until such time as the market conditions become more conducive." Those made redundant have been compensated according to their notice periods, which in some cases was three months, and have been given an extra month's extension on their work visa. Thirty two of the employees who lost their jobs were on probation. The layoffs have resulted in a reduction of about 20 per cent of the company's payroll costs, he added. The company has Dh13 billion (Dh47bn) worth of projects under development, and will now focus its resources on delivering these. "We aim to recruit further in the asset management function from January as we believe we will need more resources for this area," said Mr Amjad. email@example.com