DUBAI, United Arab Emirates (AP) — A government-owned investment company in Dubai says it is shedding 10 percent of staff in response to the economic downturn.
Istithmar World said Sunday it is cutting the 13 jobs because of “external market conditions” and to match its resources with its current needs.
The company says it is confident of its investment strategy and plans to “reallocate resources to areas where we see potential.”
Analysts have warned that Dubai’s large debt load could force the booming city-state to slow its growth in response to the global economic crisis.
One of Istithmar’s sister companies, developer Nakheel, late last year cut 15 percent of its work force and slowed work on a number of high-profile projects.