GCC States Prepare For Massive Layoffs (Middle East Newsline)

ABU DHABI [MENL] — The Gulf Cooperation Council has been preparing for massive layoffs amid the global economic crisis. Industry sources said virtually all six GCC states were bracing for layoffs in construction, industry and the service sector in 2009. They said GCC states would be unable to afford its huge foreign work force amid the economic crisis and the sharp drop in crude oil prices.

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