ahlam1399
05-23-2016, 05:28 AM
ABU DHABI: Thousands of layoffs at state-linked companies in Abu Dhabi are a fresh sign the Gulf’s wealthy oil states are hunkering down for a long period of austerity as low crude prices pressure their eco**mies.
Since mid-2015, the United Arab Emirates (UAE), Saudi Arabia, Qatar and other countries in the region have curbed spending on some construction projects and reduced energy subsidies to limit budget deficits caused by cheap oil.
**w some governments are also starting to reduce staff at the companies they control, many of them in the energy industry, in order to ensure the firms are **t a drain on state finances if oil prices stay low for several years. Abu Dhabi’s National Oil Co (AD**C), with around 55,000 staff, has cut hundreds of jobs in the last few months and will have reduced its workforce by at least 5,000 by the end of 2016, sources familiar with the matter told Reuters.
The reduction will occur across most of its 17 subsidiaries as part of a restructuring following a reshuffle of the firm’s leadership this month, they said. An AD**C spokesman did **t confirm or deny the cuts but said: "In keeping with the entire oil and gas industry, AD**C is constantly looking at ways to be more efficient and more profitable, particularly in the current market environment.
"The UAE’s oil and gas recruitment market is set for its most difficult year in over a decade in 2016, a report from recruiters Morgan McKinley said." The oil and gas industry is still feeling the pain, as was to be expected. Overall redundancies have been on the increase," said Trefor Murphy, managing director for the region. Most layoffs at Abu Dhabi state firms are **t in response to production cut-backs; the UAE has **t reduced its oil output, and says it is proceeding with long-planned oil and gas development projects.
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Since mid-2015, the United Arab Emirates (UAE), Saudi Arabia, Qatar and other countries in the region have curbed spending on some construction projects and reduced energy subsidies to limit budget deficits caused by cheap oil.
**w some governments are also starting to reduce staff at the companies they control, many of them in the energy industry, in order to ensure the firms are **t a drain on state finances if oil prices stay low for several years. Abu Dhabi’s National Oil Co (AD**C), with around 55,000 staff, has cut hundreds of jobs in the last few months and will have reduced its workforce by at least 5,000 by the end of 2016, sources familiar with the matter told Reuters.
The reduction will occur across most of its 17 subsidiaries as part of a restructuring following a reshuffle of the firm’s leadership this month, they said. An AD**C spokesman did **t confirm or deny the cuts but said: "In keeping with the entire oil and gas industry, AD**C is constantly looking at ways to be more efficient and more profitable, particularly in the current market environment.
"The UAE’s oil and gas recruitment market is set for its most difficult year in over a decade in 2016, a report from recruiters Morgan McKinley said." The oil and gas industry is still feeling the pain, as was to be expected. Overall redundancies have been on the increase," said Trefor Murphy, managing director for the region. Most layoffs at Abu Dhabi state firms are **t in response to production cut-backs; the UAE has **t reduced its oil output, and says it is proceeding with long-planned oil and gas development projects.
http://feeds.feedburner.com/~r/World-TheNewsInternational/~4/Pyiz90SjCHo
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