Property companies in Abu Dhabiare entering a period of aggressive cost cutting and staff layoffs as the credit crisis slows the economy, with nearly 600 property sector employees losing their jobs in the past few weeks.

Those being laid off are not limited to junior ranks – middle and senior managers are also being dismissed as companies face up to slowing sales with major management reshuffles.

'This time last year, everyone was in a rush and layer upon layer of management was being added to these companies,' said Charles Willson, an executive recruiter working in the UAE. 'Now a lot of senior management from the developers are calling about new jobs. There are cuts, but also there are a lot of management changes underway.'

The National