Dubai Omniyat sacks close to 100

Dubai: Developer Omniyat has joined the growing number of companies scaling down their human resources, with the retrenchment of nearly 100 employees over cash flow problems.

Recent reports put the number at 60, although a source told Gulf News yesterday that the number of those sacked was close to 100.

However, Omniyat said the number was less than 100.

"An official spokesperson from Omniyat rejects these claims ... the number is completely incorrect," Omniyat said in an email response to Gulf News.

The liquidity crunch has begun to bite into Dubai's overhyped real estate market, where property prices and salaries of employees were highly inflated, analysts say.

Gulfnews: Omniyat adds fuel to retrenchment fire

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