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| Arabia |
| Abu Dhabi lays off staff as Gulf austerity tightens |
| 2016-05-24 |
| [DAWN] 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 economies. Since mid-2015, the United Arab Emirates (UAE), Soddy Arabia ...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face... , Qatar ...an emirate on the east coast of the Arabian Peninsula. It sits on some really productive gas and oil deposits, which produces the highest per capita income in the world. They piss it all away on religion, financing the Moslem Brotherhood and several al-Qaeda affiliates... 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. Now 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 not a drain on state finances if oil prices stay low for several years. Abu Dhabi’s National Oil Co (ADNOC), 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 Rooters. 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. |
| Posted by:Fred |
| #2 They're not gonna keep on spending like Chavez and Maduro did? Too bad. That would have been fun to watch. |
| Posted by: Abu Uluque 2016-05-24 18:06 |
| #1 less funding available for terrorism is a good thing |
| Posted by: Frank G 2016-05-24 13:35 |