Van Oord cuts back Dubai operations

Dubai: Dredging company, Van Oord has had to relocate the majority of its Dubai-based employees to projects in other parts of the world due to the severe delays and cancellations of Dubai’s water development projects. The company made a 190 million euro net profit in 2008 and is involved in projects such as Palm Deira, The World and Deira Islands. However, with the slowdown in most projects – especially Nakheel’s water development projects such as The World and parts of Palm Deira – their profits are likely to dip in 2009.