Abu Dhabi lays ....

Pakistan Observer - - ECON­OMY WATCH -

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 Reuters.

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.

An AD­NOC spokesman 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.”

Most lay­offs at Abu Dhabi state firms are not in re­sponse to pro­duc­tion cut­backs; the UAE has not re­duced its oil out­put, and says it is pro­ceed­ing with long­planned oil and gas de­vel­op­ment projects.—Agen­cies

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