UAE construction workforce down by 35pc
Dubai, August 6, 2009
Manpower in UAE’s construction and real estate sector has dropped by up to 35 per cent in the last 12 months, a report said.
Between 25 and 35 per cent of the jobs in the sector were lost since the global financial downturn made its impact last October, the Arabian Business report said quoting a Macdonald & Company study.
Average wages in the industry would also cut by 10 to 20 per cent in 2009, said Matthew Taylor, international director at Macdonald & Company, in the report.
“The market has been hit for a six over the last ten months. A lot of people have been made redundant,” Taylor was quoted as saying.
EFG-Hermes, a major Egyptian investment bank, predicted in March that Dubai’s population would also reduce by up to 17 per cent in 2009.