GCC States Prepare For Massive Layoffs
ABU DHABI [MENL] -- The Gulf Cooperation Council has been preparing for
massive layoffs amid the global economic crisis.
Industry sources said virtually all six GCC states were bracing for layoffs
in construction, industry and the service sector in 2009. They said GCC states
would be unable to afford its huge foreign work force amid the economic crisis
and the sharp drop in crude oil prices.
"It is only but natural for the industry to cut those jobs," Khalfan Al Kaabi,
a director at the Abu Dhabi Chamber of Commerce in the United Arab Emirates, said.