As hundreds of employees are being fired in sectors such as real estate, investment banking and advertising, the job market in the UAE is no longer offers the opportunities it once did.
Nervously waiting for the axe to fall
By Nadia Saleem, Staff Reporter Published: December 19, 2008, 23:03
Dubai: K.P. was recently laid off from Limitless, the developer, where he was a sales assistant. With only a month's notification he is currently looking for any job that would allow him to continue to fund his modest lifestyle and provide him with stability.
Though he doesn't have a family depending on him, he finds the current situation biting into his savings.
The present condition is very bad, he says. "Earlier, a one-month notification period would be enough to find a job. But now we can't find good jobs in this time."
As hundreds of employees are being fired in sectors such as real estate, investment banking and advertising, the job market in the UAE is no longer offers the opportunities it once did.
For some, the situation is so drastic that they are willing to change career paths and sectors to find any type of job that will pay their bills. A life of credit cards, car loans and apartment payments becomes an oppressive burden followed by regrets. People new in the job market wish that they had the foresight to save and fall back on a cushion in crunch times.
The main priority right now for K.P. is finding a new job. "We are not looking for the amount of compensation, we are worried about our future."
Financial situation
K.P. has no hard feelings against the company as he says it is facing a tough environment.
He has no idea about the details of his severance package or the amount of time he has left in the country with the validity of his visa. He will receive his dues only at the end of the notification period, he says.
He may soon be forced to leave the country if he doesn't find another suitable job in the coming month or so.
A sudden halt in a person's career forces one to look carefully at one's financial situation and habits. And some have kind employers who show some flexibility to make the transition smooth.
D.K., who recently lost her position with a Marina developer, says she would start saving once she finds a new job.
"This is the first time I was fired. It came as a shock to me, I didn't see it coming," she says.
She says that many of the in-hand projects of the company she was formerly employed by, were put on hold. However, she was working on a certain project that's still underway. So the notification came as a surprise to her.
Regardless, D.K. is optimistic about her future. "I have had a couple of good interviews, and I am planning to go home for the holidays," she says.
Market conditions
She received a one-month package, and she says her former employer is quite flexible with the visa duration. But she has to worry about a car loan and payments on her apartment.
Meanwhile, a top spokesperson from Omniyat Properties, which recently laid off 69 employees, said that they will "stick to the contractual period with all the staff, in terms of notification and probation period." The spokesperson said that layoffs were a one-time exercise and the company does not see any necessity for further cost cuts.
"We adjusted to market conditions quickly and are moving on," the official said.
Having been in Dubai for three years, D.K. plans to continue living here, though her opinion about the job market in the country has been tainted.
"Dubai, even without a crisis, has poor labour laws. Expatriate employees are not protected in any way. We are taking risks in being here," she says, adding that if the situation continues, people will start leaving for home. "When that hits, then perhaps the UAE will do something about it," she adds.
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