Abu Dhabi: Abu Dhabi-based NMC Group, worth over Dh5 billion, will not be laying off employees despite challenges posed by the global economic downturn.Instead, it plans to hire new staff to expand its operations, the group's chief executive officer said. BR Shetty told Gulf News that NMC Group employees have been told they will not be retrenched. The NMC Group runs a chain of hospitals in the UAE and has stakes in the manufacture of medicinal drugs, a chain of hotels and restaurants and money transfer companies.The NMC Group employs 8,000 staff in the UAE.
"We will not retrench anyone, in fact, we are recruiting new members to our team on a daily basis. There are no salary cuts, only salary hikes," said Dr.Shetty, adding that the group has achieved a 40 per cent growth rate.
"We are on a strong footing and we will continue to achieve optimum growth," said Shetty."Whatever the global (financial) situation, I am not worried about the finances. We have invested in our own core businesses which ensure comfortable margins, and I remain confident, we can tide over any recession," he added.
Shetty remarked that the phenomenal growth of NMC's businesses would not have been possible without the patronage and support of the UAE leadership, since the group's inception in 1975. Shetty said the NMC Group through its UAE Exchange has applied to the UAE Central Bank for a licence to start consumer banking. "We applied almost 18 months ago. We haven't yet received the license from the Central Bank, but we remain hopeful ... " said Shetty.
Future plans
NMC will not lay off staff despite the credit crunch
On the group's future plans, Shetty said NMC will come out with an initial public offering (IPO) of its shares within the next three years. "We will do so when the market conditions are right," he said.
The group also plans to establish NMC hospitals in Qatar, Oman and other parts of the Middle East, as well as moving in to India.
By Himendra Mohan Kumar, Staff Reporter
Published: December 06, 2008, 23:53
Abu Dhabi: Abu Dhabi-based NMC Group, worth over Dh5 billion, will not be laying off employees despite challenges posed by the global economic downturn.Instead, it plans to hire new staff to expand its operations, the group's chief executive officer said.
BR Shetty told