Abu Dhabi's ADNOC cutting 5,000 jobs -
Abu Dhabi's state-owned National Oil Co (ADNOC) plans to cut 5,000 jobs by the end of the year, and 2,000 of the lay-offs have already been carried out.
ADNOC has roughly 55,000 staff. Many companies in Abu Dhabi and elsewhere in the Gulf are trying to cut costs as low oil prices slow economic growth and pressure state finances.
An ADNOC spokesman, contacted by Reuters, did not confirm or deny the cuts but said: "In keeping with the entire oil and gas industry, ADNOC is constantly looking at ways to be more efficient and more profitable, particularly in the current market environment.
User_12596® replied on Sunday, June 26, 2016 04:12 PM
Over All situation of gulf is critical. Very difficult to survive. Lot of pakistani going back. Decrese in remittances. |
Arif M® replied on Sunday, June 26, 2016 04:28 PM
Same situation of Job market in KSA. Many of those who are on low-mid level jobs have not got salaries for 2-3 months. Situation is getting miserable. |
User_16407® replied on Sunday, June 26, 2016 04:29 PM
really bad situation for GCC, already 1 million expats in Ksa exited ksa, decreased remittance, selling pressure on ppty will set in soon when returning ppl start selling |
future replied on Sunday, June 26, 2016 05:00 PM
No more expat will be allowed in oil fields, operational sites by mid to end of 2017.
Localization only. |
RavianGik® replied on Sunday, June 26, 2016 05:43 PM
Biggest UAE Contractor ARABTEC not paid salaries for over 2 months.
Many international high profile companies offering high level executives to leave voluntarily or work without kids school allowance and reduced housing allowance.
The worst hit areas are construction and oil and gas, banking, NBD alone fired 300 employees, over all UAE lost 9 out of 100 jobs i.e. 9% workforce became redundant.
Allah azzojal sab ka rizk mahmooz rakhay but situation tough. This bloody brexit came at worst time today I had friend from Belgium and told Scotland and other nations ready to launch strong separation movement.
Thank god Pak economy not running on credit cards and mortgage and banking system very strong means no risky lending done to consumer except govt :(
On one part this is sad but every clound has silver lining and this scenario bringing money back to Pakistan to be pumped in realty market and boosting DHA and other societies |
Future is bright replied on Sunday, June 26, 2016 06:54 PM
Lots of riyals and pounds flowing back to pakistan as well as hundreds of families will return in the near future.
This will be positive for the real estate as well as overall for the country with some sound brains returning to serve the country and hopefully would have improved their vision and bring better concepts to the society. |
Arif M® replied on Sunday, June 26, 2016 07:33 PM
In short term, it might bring some money but in long term it will be disaster. If true, People coming back will be out of jobs.
Pakistan economy has already failed to provide jobs to existing human resources. So, people coming back from GCC countries can not have much hope to get jobs here. Even if they get jobs, their earnings will be not same as in middle east. All this means decrease of earnings and it is not a good news for ANY Pakistani sector. We can only pray that things get better at least in middle east so many brothers do not loose jobs. |
Future is Bright replied on Sunday, June 26, 2016 08:59 PM
Its not that all of them will need jobs. There is a chance many will start their businesses and investments which will create jobs and hopefully Pakistan will prosper.
Everyone out of job from gulf shouldnt expect a job in Pak but no one can stop them from investing n small business.
In my opinion jobs will be lost in gulf and there is uncertainty for even those who will be able to keep their jobs for time being.
Everyone will try to secure home and an investment in Pak in case they lose job in gulf and cant get one in Pak when they return.
Prayers are important but so is wise planning and anticipation. Cant rely on jobs dear and no investment or business is small even if its a pgotocopy shop. Small start leads to big thing! |
Rana_Australia® replied on Monday, June 27, 2016 02:33 AM
But @Future Zadco is hiring . I received a call for interview although i am not interested as I am with Slb Global |
Amir Khan® replied on Monday, June 27, 2016 05:14 AM
The information is correct. ADNOC is planning to reduce 7-8,000 employees this year and another 5-6,000 next year. Many functions are being centralised to reduce costs and improve efficiency. Some Companies are being earmarked for mergers. So some tricky times are ahead in the Oil & Gas sector. Banking industry is also shedding jobs. My own brother lost his job in Abu Dhabi Islamic Bank after 18 years of service with them. Now there are reports of merger talks between National Bank Of Abu Dhabi and First Gulf Bank. If this happens analysts claim of cost savings of atleast 28%. This will have a domino effect on other sectors like construction, health, real estate and services. People are spending less due to uncertainty and job insecurity. Many families are choosing to go back. The situation is bound to get worse before it gets better. The Brexit issue hasnt helped matters either. May Allah help us all in this time of trial. The million dollar question is "What do we do with this sizable population when the get back". There are no ready jobs for them. Are there any dependable sources of income streams avaialble to them to earn a decent living. Point to Ponder. |
Arif M® replied on Monday, June 27, 2016 06:08 AM
Future is bright, if not all then majority of them will need jobs which they can not expect to find in pakistan. not even on half of their current salaries. I have many relatives who worked in middle east and whoever came back failed to adjust here. They do jobs all life in middle east countries - which have far better law and order situation. They are accustomed to that life style.
When they come back they have have no idea of how to run business and that too in a countary like Pakistan where you need to bribe and use connections at every step. These are the realities. Sit with any Pakistani living abroad and majority will share the same views. So yes i still think that we should pray for our brothers otherwise living of thousands and thousand of families will be disturbed. |
AHMAD HASSAN® replied on Monday, June 27, 2016 07:05 AM
After EID we will see fall in Lahore property too. It's not correction but free fall. GCC countries also limiting monthly remitance value. Now one will not be able send unlimited. And GCC countries has major share in remitance and property investment. This recession started from West and reached Asia now. |
Ejaz_EJ® replied on Monday, June 27, 2016 07:33 AM
very well said Mr.Ahmad,
I agree.
there will be free fall for Lahore properties as it gained significantly and it is bound to reverse at reasonable level.
focus might will be shifted towards growing small cities. |
Usama Javed® replied on Monday, June 27, 2016 07:53 AM
haha After Eid plots in lahore will sell for 10 lac per kanal. free fall? Brexit on everyone's nerves it seems. |
MFA® replied on Monday, June 27, 2016 08:09 AM
ADNOC is cutting jobs and revamping their structure its true. But its not just because of slump in oil price, but due to their new CEO Sultan Al Jaber, who is experimenting things here and there, it might not result in some positive outcome. Even now criticism within ADNOC is rising because of so many haphazard organizational changes. |
AhmetKildir® replied on Monday, June 27, 2016 08:19 AM
I guess I'm the only one who is bullish here =).
P.s. oil price is double of what it was in Feb and analysts were saying at that time that oil will go to $10. It's at $50 now and analysts latest target price is $65 by close of year. Just my two cents. You can celebrate the doom and gloom as much as you want. |
AHMAD HASSAN® replied on Monday, June 27, 2016 08:47 AM
Ahmet oil prices will come back. No doubt but people who lost jobs will not be back. Oil prices is not the only reasons of job cuts. There are other factors also. An oil company is a country within country, many business linked with oil sectors, someone supplying stationery or other is supplying equipments. They all suffer too. Time is not to invest but to sell. You recently sold your Rahbar files :) |
AhmetKildir® replied on Monday, June 27, 2016 09:27 AM
@Ahmad, nope. That's not why I sold them. And I reinvested whatever I sold immediately somewhere else within dha.
Let's agree to disagree. No need to get personal bro. |
FUTURE replied on Monday, June 27, 2016 11:00 AM
Following are the important factors which are determining the future of OIL and GAS.
1. CO2 emission and global warming.
2. Switch to renewable energy.GE already targeting and plan in progress.
3. Production of shale gas in US which cost around USD80.
4. Car producers like VOLKSWAGEN announced production of electric driven cars will replace its current oil driven inventory within next 5 years, japanese also following same foot prints. Who will need oil then.
5.All engineering activities will be done from INDIA where 5 people can do job at cost of one expat will improve cost efficiency.
6. To improve efficiency the concept of PMC will evaporate and effects already seen at AMEC, WOODS GROUP, TECHNIP.
7. Technip will have 100 staff (french / italian) reduced from 1000 in ABU DHABI.
8. No more GREEN FIELD PROJECTS, only BROWN FIELD.
A lot more................. |
AHMAD HASSAN® replied on Monday, June 27, 2016 11:17 AM
Ahmet Bahi, I apologise, I meant not to be personal. My last sentence was just a joke. |
Mian® replied on Monday, June 27, 2016 12:48 PM
Ahmet bhai. Do you have any suggestion for short term investing in short budget? |
Tariqq replied on Tuesday, June 28, 2016 08:12 PM
The first thing a returning expat would consider is a source of income and building his house. With lesser jobs, short term property investments would multiply. And purchasing/contructing houses would also result in property and contruction boom. So relax, InshaAllah future is bright. I am an expat in Oman btw, and the situation here isn't really this worse as it is being advertised. |
