No large-scale lay-offs in private sectors in Qatar
The private sector in Qatar has clarified that there would be no large-scale layoffs this summer, dispelling fears caused by comparison of the economic situation in the country to that in Dubai, and stated that such a comparison was totally illogical and unwarranted.
“There would be no retrenchments in the private sector here. On the other hand, companies are going on a recruitment spree,” said a representative of Qatar Chamber of Commerce and Industry (QCCI) here.
The Vice-Chairman of the Chamber, Abdul Aziz Al Emadi, when speaking to the media, clarified that the ongoing talks about large-scale layoffs during summer was baseless.
The meeting was called for, to discuss the impact of global economic crisis on the private sector in GCC, and to consider ways to ride over the crisis.
Speaking about rents, he said villa rentals had plunged, but the apartment rentals declined by only about 10 percent. The rentals in apartments are almost stabilizing, although the owners are still insisting on old rates.
Al Emadi appreciated the current budget and said that higher spending on public projects will help in keeping the economy vibrant and added that if the state shelved any of the planned projects, it would beam a catastrophic for private companies.
At the most, due to recession, the execution of few projects may be delayed. But that’s the only problem likely at present, Al Emadi said.
Posted on 18/4/2009