Emaar Properties, one of the world’s largest property developers, is preparing to cut jobs to help it steer through the biggest crisis in its 11-year history amid a sharp fall on Dubai’s stock markets and a cooling of the Gulf state’s property sector.

The company, which accounts for about 10 per cent of the Dubai stock market, yesterday said it was reviewing its 5,000-strong workforce in light of the weakening Dubai property market, which is declining for the first time since foreigners were allowed to buy property in 2002.

Emaar emerged on the property scene from nowhere a decade ago, establishing itself in more than 36 countries through an aggressive acquisitions policy that has seen its land bank grow to 519m sq m, with a value of Dh28.3bn ($7.7bn) in 2007.

The company, which is partly owned by the state, became the poster child for Dubai’s booming property market, which has been constantly raising the bar for building the biggest, best and fastest.

Financial Times