Nakheel, Dubai’s largest property firm, announced at the end of November that it has laid-off 500 staff due to the global financial crisis, and that it would be scaling back work on some of its projects.

The government-controlled property giant is one of the biggest employers in the booming Gulf emirate and is behind grand projects such as a one-kilometre tower and artificial palm-shaped islands.

“Approximately 15 per cent of the total workforce, which amounts to 500 employees, was made redundant,” it said in a statement. It described the move as “a responsible action in light of the current global market conditions.”

The move represents the largest job cut to be announced in United Arab Emirates and in Dubai due to the global financial crisis.

Nakheel is the developer of several iconic projects in Dubai, including three palm-shaped man-made islands. Only one of the islands has been completed. It is also developer of a cluster of islands in the shape of the map of the world.