Feb 06 2012 |
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Abu Dhabi's The Natl Investor Cuts Nearly Half Its Workforce -Source
Monday, Feb 06, 2012
DUBAI (Zawya Dow Jones)--Abu Dhabi-based investment firm The National Investor slashed almost half its workforce at the end of last week and more cuts are likely, a person familiar with the matter said Monday.
"Across-the-board cuts have been made, a little less than half of all staff, mostly middle and back office work," the person, who declined to be identified, told Zawya Dow Jones.
"The cuts were made at the end of last week. It's difficult times and probably more will come," he added.
Since its founding in 1994, TNI has helped arrange more than a dozen initial public offerings across the region, including listings of Abu Dhabi's Aldar Properties and the regional logistics giant Aramex. It has also launched a number of real estate and private equity investment funds.
The company's net profit for the financial year ending March 2011 stood at AED10.9 million, down from AED40.3 million in the year earlier period.
The person would not say how many people were laid off last week or disclose the size of the company's workforce.
According to TNI's financial statements, staff costs during the financial year ending March 2011 were AED95 million.
-By Tahani Karrar and Asa Fitch, Dow Jones Newswires, +971 4 446-1685, asa.fitch@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
06-02-12 1306GMT
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