Bloomberg News

Aldar of U.A.E. Falls Most in a Week After Announcing Job Cuts

October 31, 2011

Oct. 31 (Bloomberg) -- Aldar Properties PJSC declined the most in a week after the Abu Dhabi-based developer announced plans to reduce its workforce by 24 percent.

The shares retreated as much as 1.9 percent to 1.05 dirhams at 11:05 a.m. in the emirate. The benchmark ADX General Index fell 0.2 percent.

The company will cut 105 jobs and “continue to concentrate on its core Abu Dhabi market,” it said in a statement today.

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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