Company statement says “improving productivity” led to layoffs
Arabtec Holding has confirmed its staff layoffs in a statement issued on the Dubai Financial Market (DFM)’s website today, stating it was one of the many measures being undertaken by the company with the aim of “improving productivity and reducing expenditures.”
Wassel Al Fakhoury, board member of the general group counsel has authorised the statement, which says: “Arabtec has carried out some internal procedures with a view to improving productivity and reducing expenditures, to enhance the performance of the company and move forward with its plans for growth and development.
“These actions included termination of a limited number of staff,” the statement continues, denying earlier reports stating that Arabtec had fired hundreds of employees. “These internal actions, taken after careful consideration, came to preserve the rights of employees under the Labour Law.”
According to Bloomberg, chief operating officer Mark Andrews, chief information officer Gordon Jack and chief risk officer David Doyle are amongst the Arabtec employees whose contracts have been terminated following Hasan Ismaik’s resignation.
The report states that Nabil Al Kindi, COO for the Gulf region and Shohidul Ahad-Choudhury, head of mergers and acquisitions have also quit the construction giant.
Arabtec’s shares were valued at AED3.25 on the DFM at 11:05 AM in Dubai.