The region’s top developers have been shedding hundreds of jobs over the past two months in order to cut costs in the face of a regional real estate bubble burst. Damac (200 jobs cut), Nakheel (500 jobs cut) and Dubai Properties (estimated 600 jobs cut) have all made staff redundant, while other major developers such as Emaar are still reported to be reviewing their staff numbers. However, the most disconcerting aspect related to the job cuts at some of the largest real estate employers was the fact that they seemed to have been caught completely unaware by the magnitude of the crisis. “We were told more than once by upper management that we have nothing to worry about,” said Raja Khouri, former senior public relations executive at Dubai Properties. “What was told to us was, ‘We are going to cut all expenses, however, the one thing we are not going
