Although Qatar is not affected by the world financial crisis as some of the neighbouring countries, professionals in higher-income brackets may be laid off by their employers to cut costs.

The Qatar Chamber of Commerce and Industry (QCCI), the representative body of the private sector, hinted on Thursday that the recruitment of professionals by private companies may not be on as large a scale as it was in 2008.

“Rather than bringing in more professionals from overseas this year, many of the existing ones in plush positions in the private sector may lose their jobs due to cost-cutting drives by their employers in the wake of the global financial crisis,” Vice-Chairman of the QCCI , Abdul Aziz Al Emadi, told The Peninsula.

He, however, noted that the situation as regards job layoffs by private companies, including construction and contracting firms, was not as serious as it was in Dubai. “The situation here is not as alarming since our economy remains robust. But to suggest that we will not be affected by the global financial turbulence at all would be wrong because we are part of this world. We do not exist in void,” Al Emadi said. When told that some construction firms were planning to recruit professionals who were losing jobs in Dubai, a prominent industrialist and key member of the QCCI Abdul Hadi Al Shahwani said: “On the contrary, many companies and banks are laying off staff due to the worsening impact of the global crisis.”

“We don’t need professionals and skilled workers anymore. We have enough of them. We are rather sacking many of them,” said Al Shahwani.

A number of companies and banks have already begun retrenching staff to dilute a possible impact of the world economic meltdown, he said.

The Peninsula

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