Monday, December 1, 2008

The plight of real estate agents in Dubai

I was saddened by the headline of the newspapers today. I know even before that the Economy of Dubai like any other cities of the world is also at its downturn stage. Some real estate companies were issuing NoC’s to their employees and advised them to look for new job prospects. But today’s news is horrifying. The Government-owned property giant Nakheel has begun to cut 500 jobs in the real estate sector since the industry’s slowdown. I don’t expect Nakheel, the developer of man-made palm islands, in spite of its being a giant leader of real estate industry has felt the need to axe its workforce. Nakheel tops the list of big project owners in the UAE with $98 billion (Dh360.44 billion) worth of projects according to the world media Dubai, the organizer of Big 5 Exhibition. Nakheel's biggest projects include Palm Deira, the World, Dubai Waterfront and Nakheel Harbour and Tower development.

What will happen to these 500 jobless individuals? Find a new job in same field where most of the companies are on the retrenchment period? Be prepared to enter into another field of industry where they luck or no experience? Or return to their home country and start again?

Pity for those real estate agents who don’t know other jobs, their work is at risk. Pity for those real estate developers and investors, they lose their ROI. But I am not afraid that my co-Filipinos may become unwaged because I know for a fact that they are flexible and whatever new challenges ahead they will be able to cope up.