Dubai property giant sacks 500 as finance crisis bites

Even in oil-rich Dubai, they're feeling the pinch.

The property giant behind such grandiose Dubai projects as a one-kilometre-tall tower and artifical palm-shaped islands said today it has fired 500 staff as the global economic crisis begins to bite in the booming desert city-state, AFP reported.

Government-controlled developer Nakheel, one of the biggest employers in Dubai, also said it would be scaling back work some projects.

"Approximately 15 per cent of the total workforce, which amounts to 500 employees, was made redundant," it said. The move is "a responsible action in light of the current global market conditions".