Partner Aldar also puts some of its own schemes on hold, including part of Al Raha Beach
Laing O'Rourke's joint venture with Abu Dhabi's largest developer, Aldar, is cutting 320 UAE jobs. The redundancies follow 200 lay-offs the JV made earlier this month.
Aldar is also putting several schemes on hold, including some in its Al Raha Beach development, such as the World Trade Center, a report on ArabianBusiness.com said.
Aldar Properties announced a slump in profits yesterday. It posted an 85% fall in fourth-quarter net profit to about 80m dirhams, blaming falling sales of its properties.
Ahmed Ali Al Sayegh, chairman of the board of directors of Aldar, said: “2009 will be a challenging year but Aldar is well positioned to meet these new challenges and we are responding to the current environment in a prudent and appropriate manner.
“We are committed to delivering projects under way and will proceed in a focused and measured fashion with future developments.”
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