Emaar Properties said yesterday it has 2,500 employees in Dubai, but will "reorient" its growth strategy due to the global crisis.
London-based Middle East Economic Digest had reported on Saturday that Emaar was looking into cutting 250 jobs, which according to it would reduce the developer's total workforce to about 50 staff after it had laid off 200 employees in November 2008.
"With reference to recent media reports on human resources restructuring, Emaar Properties clarifies that the company currently has more than 2,500 employees in Dubai and a further 2,500 staff members in its various international joint ventures," the developer said in an e-mailed statement.
"Emaar is committed to enhancing the long-term profitability to add value to our stakeholders.
"To address the new challenges that we face, it is important to reorient our growth strategies and align our business model to tackle new realities," the statement said.
Earlier this month, Emaar said it was considering a petition from investors to cancel or postpone projects worth more than $24.5 billion (Dh89.9bn).
Dubai-based real estate company Emaar posted a fourth-quarter loss of Dh1.77bn due to write-downs from its US unit John Laing Homes.