Good times end in Dubai
Canada Goose sale The annual celebration, laid on by a magazine profiling the United Arab Emirates’ smart set, drew a crowd of boldfaced names: Thaksin Shinawatra, former Thai prime minister, mingled with developer Sulaiman al Fahim, who canada goose coats on sale brokered the sale of Manchester City football club to an Abu Dhabi sheikh. Canada Goose sale
canada goose factory sale But among the employees buy canada goose jacket cheap of ITP, the Canada Goose Outlet magazine’s publisher, the free drinks were going down with more than the usual gusto. That week ITP cut its staff by about 10 per cent. “People knew the sackings were coming, and sure enough it was rough,” says one of those axed. canada goose factory sale
canada goose uk outlet For thousands of expatriates lured to Dubai by the promise of year round sunshine and a tax free lifestyle, the party is over. Corporate restructurings have arrived hard on the heels of steep falls in property prices and plummeting consumer confidence; El Dorado is fading back into desert. As the cutbacks spread from finance and real estate to sectors such as tourism, media and retail, many are packing up and heading home. canada goose uk outlet
Dubai’s roads and restaurants are noticeably quieter and once exorbitant rents are becoming more reasonable by the month. carcasas iphone 6 hollister The government claims visa issuance is holding up and denies reports of mass cancellations. But a YouGov poll in the UAE found more than half of respondents knew a family member or close friend who had been made redundant, a figure that had risen sharply from the end of 2008.
Canada Goose Jackets At Dubai’s highest profile investment company, Dubai canada goose store International Capital, for example, staff are in flux as its parent company, owned by the ruler Sheikh Mohammed bin Rashid Al Maktoum, merges back office functions with another of his investment vehicles. “It’s a nightmare,” says www.mycanadagoosejacket.org one. “We go into the office unsure if we will have a job at the end of the day.” Canada Goose Jackets
The end of this month is expected to accelerate the departures among two of the largest white collar expat communities, Britons and Indians, as it signals the end of the Indian school year and British schools’ spring term.
Many employers have aided sacked staff, especially those with children, by extending visas so they do not have to leave quickly. Britons have also been wary of tax liabilities caused canada goose deals by returning before April 1, the new UK tax year.
uk canada goose In a labour market that remains underdeveloped by western standards, lawyers and recruiters are preparing for a rising volume of complaints as foreigners fight for severance pay while the government of the UAE reiterates its ban on private sector employers making locals redundant. carcasa samsung galaxy s7 amazon The job losses already announced and others still to come are seen as a big test of employment laws in a territory that has never known widespread hardship. uk canada goose
uk canada goose outlet One difficulty, according to a western lawyer at a large Dubai business, is that there is “no real legal concept of redundancy” and no obligation on companies beyond paying staff their notice and modest severance pay. uk canada goose outlet
buy canada goose jacket cheap The expat rumour mill, which has gone into overdrive since the economic crisis struck in October, talks in dark tones about companies letting whole departments go at a stroke or shedding small groups of employees every week to minimise canada goose clearance bad publicity. precio de carcasa de samsung s3 mini buy canada goose jacket cheap
canada goose black friday sale A further complication is the pressure a slew of employment disputes could put on both the local courts and the special court for the Dubai International Financial Centre, where many multinationals are based. canada goose black friday sale
canada goose coats on sale The centre’s court which has an international panel of top commercial judges is embroiled in a number of time consuming employment cases, some on appeal from a small claims tribunal. canada goose coats on sale
cheap canada goose uk In one such appeal in January, a former finance executive was fighting his ex employer over just Dh25,209 ($6,853, 4,825) of disputed severance pay. Mark Beer, DIFC court registrar, insists the court can handle the workload but admits he hopes the “vast majority” of disputes will be resolved before reaching that stage. cheap canada goose uk
canada goose uk shop Many more disputes are expected, especially involving canada goose black friday sale western expatriates who took high paying jobs in Dubai when demand was high but now find their positions under threat. canada goose uk shop
buy canada goose jacket As the Dubai International Finance Centre blossomed from 2005, hundreds of companies used it as a regional launch pad canada goose outlet and went on a hiring spree, scooping up experienced and novice bankers alike. buy canada goose jacket
But regional equity markets have fallen with the oil price, corporate finance and debt are dormant, and restructuring work has proved more modest than bankers hoped. Now, at international names such as Morgan Stanley and Credit Suisse and local powerhouses such as Shuaa Capital and Mashreq, headcounts are dropping.
canada goose store “During the speculative boom, Canada Goose Parka a lot of people who were wholly unemployable in London found their way out here. galaxy a8 carcasa roja And they have been found wanting,” says one recruitment consultant. canada goose store
At Dubai Properties, a large developer owned by the ruler Sheikh Mohammed, a Canada Goose sale handful of employees are in dispute with the company after they were asked to leave without severance pay late last year. samsung cover book tab a 10 1 The company, which is about to hand over another major residential complex in Business Bay, says those affected have been well looked after, and offered extended residence visas so they can seek other jobs and avoid disrupting their children’s education.
The ex employees, who want to remain anonymous as some cheap Canada Goose have yet to settle with the company, say their legal advice is that any employee facing “arbitrary dismissal not linked to performance”, such as redundancy, is entitled to between one and three months’ severance pay, on top of any salary covering their notice periods. But they see little point in pursuing legal action over the relatively modest sums involved.
Not all those made redundant are heading home. According to Canada Goose online Peter Henry, a Dubai based partner for headhunters Whitehead Mann, opportunities remain elsewherein the canada goose region, especially in the risk functions of banks and conglomerates.
“If you look beyond Dubai, it is more positive: Abu Dhabi, Doha and to a certain extent in Bahrain,” he says. “Saudi is also a canada goose coats very Canada Goose Jackets active market, where they are expanding businesses and international joint ventures are going ahead and we see a need for senior talent.” Nevertheless, Dubai’s lifestyle continues to make it the most attractive Gulf posting.
canada goose clearance sale Others are prepared to wait for things to improve. Last year, Dubai hired Richard Attias, husband of Nicholas Sarkozy’s ex wife Cecilia, to promote the city through an events company focusing on sports and culture. carcasa plastico iphone x But corporate sponsorship evaporated, leaving the former Publicis executive an obvious target for the ongoing cost cutting regime across Dubai Inc. carcasa 360 de silicona iphone 7 canada goose clearance sale
Canada Goose Outlet His role was reduced from chief executive to adviser on a couple of low key events. Nevertheless, Mr Attias says: “I reactivated my consultancy and put the headquarters in Dubai. I am very confident that the region and Dubai will soon be back on the front page,” Canada Goose Outlet
More fortunate still is Andy Blair (pictured), a construction project manager who achieved overnight fame when he scrawled his telephone canadian goose jacket number on his Porsche after being made redundant in January. Intense media interest not to mention the wide dissemination of his contact details allowed him to avoid the well trodden path to Abu Dhabi or across the Gulf to Qatar. He has landed a job with a food and beverage consultancy. “People were talking about Doha or Bahrain but I’d rather poke my eyes out,” says the 28 year old Scot.