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Khaleej Times
2 hours ago
- Khaleej Times
India's TCS to cut 12,000 jobs as demand contracts
Indian IT giant Tata Consultancy Services said on Sunday it will cut around two percent of its global workforce, or about 12,000 jobs, as demand contracts in the sector it leads. The software services firm — India's largest by market cap — said the reductions would mainly affect employees in middle and senior roles and would be rolled out over the course of this year. TCS employs 613,000 people worldwide, and the IT services sector is one of India's biggest employers and revenue earners. The company said the move was part of efforts to become a "future-ready" organisation as it enters new markets and scales up its use of artificial intelligence. "As part of this journey, we will also be releasing associates from the organisation whose deployment may not be feasible," TCS said in a statement. It said the restructuring was being carried out with "due care" to avoid disruption to client services. After TCS's June-quarter revenue fell short of expectations, CEO K Krithivasan said this month that "continued global macro-economic and geopolitical uncertainties caused a demand contraction". IT services are the most visible part of India's modern economy and historically one of its biggest white-collar job creators, driving the expansion of the middle class. But a slowdown in the sector has seen hundreds of thousands of new graduates struggle to find work.
Khaleej Times
3 hours ago
- Khaleej Times
Trump, EU chief seek deal in transatlantic tariffs standoff
US President Donald Trump and EU chief Ursula von der Leyen prepared to meet Sunday in Scotland in a push to resolve a months-long transatlantic trade standoff that is going down to the wire. Trump has said he sees a 50-50 chance of reaching a deal with the European Union, having vowed to hit dozens of countries with punitive tariffs unless they hammer out a pact with Washington by August 1. The EU is currently facing the threat of an across-the-board levy of 30 percent from that date. Von der Leyen's European Commission, negotiating on behalf of the EU's member countries, has been pushing hard for a deal to salvage a trading relationship worth an annual $1.9 trillion in goods and services. Any deal with the United States will need approval by all 27 member states. EU ambassadors, on a visit to Greenland, were to meet Sunday morning to discuss the latest negotiations -- and again after any accord. Sunday's sit-down between Trump and the EU chief was to take place at 4:30 pm (1530 GMT) in Turnberry, on Scotland's southwestern coast, where Trump owns a luxury golf resort. The 79-year-old American leader said Friday he hoped to strike "the biggest deal of them all" with the EU. "I think we have a good 50-50 chance" of a deal, the president said, citing sticking points on "maybe 20 different things". He praised von der Leyen as "a highly respected woman" -- a far cry from his erstwhile hostility in accusing the EU of existing to "screw" the United States. But late-night EU talks with US Commerce Secretary Howard Lutnick on Saturday to hammer out the final details were "combative at times," The Financial Times reported. As of Saturday evening, there were "still quite a few open questions" -- notably on pharmaceutical sector tariffs, said one EU diplomat. Tariff levels on the auto sector were also crucial for the Europeans -- notably France and Germany -- and the EU has been pushing for a compromise on steel that could allow a certain quota into the United States before tariffs would apply. Baseline 15% According to European diplomats, the deal on the table involves a baseline levy of around 15 percent on EU exports to the United States -- the level secured by Japan -- with carve-outs for critical sectors including aircraft, lumber and spirits excluding wine. The EU would commit to ramp up purchases of US liquefied natural gas, along with a series of investment pledges. Hit by multiple waves of tariffs since Trump reclaimed the White House, the EU is currently subject to a 25-percent levy on cars, 50 percent on steel and aluminium, and an across-the-board tariff of 10 percent, which Washington threatens to hike to 30 percent in a no-deal scenario. The EU has focused on getting a deal with Washington to avoid sweeping tariffs that would further harm its sluggish economy, with retaliation as a last resort. While 15 percent would be much higher than pre-existing US tariffs on European goods -- at 4.8 percent -- it would mirror the status quo, with companies already facing an additional flat rate of 10 percent. Should talks fail, EU states have greenlit counter tariffs on $109 billion (93 billion euros) of US goods including aircraft and cars to take effect in stages from August 7. Brussels is also drawing up a list of US services to potentially target. Beyond that, countries like France say Brussels should not be afraid to deploy a so-called trade "bazooka" -- EU legislation designed to counter coercion through trade measures which involves restricting access to its market and public contracts. But such a step would mark a major escalation with Washington. Ratings dropping Trump has embarked since returning to power on a campaign to reshape US trade with the world. But polls suggest the American public is unconvinced, with a recent Gallup survey showing his approval rating at 37 percent -- down 10 points from January. Having promised "90 deals in 90 days," Trump's administration has so far unveiled five, including with Britain, Japan and the Philippines. Early Sunday, ahead of his meeting with Von der Leyen, Trump was out again on the golf course, having spent most of Saturday playing at Turnberry amid tight security. The trip to Scotland has put physical distance between Trump and the scandal around Jeffrey Epstein, the wealthy financier accused of sex trafficking who died in prison in 2019 before facing trial. In his heyday, Epstein was friends with Trump and others in the New York jet-set, but the president is facing backlash from his own MAGA supporters demanding access to the Epstein case files. With the uproar refusing to die down, a headline agreement with the EU -- in addition to bolstering Trump's dealmaker credentials -- could bring a welcome distraction.
Khaleej Times
3 hours ago
- Khaleej Times
UAE's ‘maturing housing market to sustain growth' on strong global capital flow
The UAE's residential real estate sector is poised for steady and sustainable expansion over the coming years with the overall market value projected to surge from $143.22 billion in 2025 to $217.09 billion by 2030, marking a CAGR of 8.66 per cent. The growth will be supported by strong investor sentiment, proactive policy reforms, demographic shifts, and a maturing housing market that continues to attract global capital, real estate experts say. According to market intelligence from Statista and Mordor Intelligence, residential real estate transactions in the UAE are expected to grow at a compound annual growth rate (CAGR) of 2.66 per cent between 2025 and 2029. 'More optimistically, the overall market value is projected to surge from $143.22 billion in 2025 to $217.09 billion by 2030, marking a CAGR of 8.66 per cent. These growth forecasts underscore deepening confidence in the UAE's urban development model. Record levels of millionaire migration, liberal visa policies, and the post-Expo infrastructure boom have significantly boosted demand, particularly in Dubai, Abu Dhabi, and increasingly, Ras Al Khaimah. Developers are responding with faster off-plan project deliveries, aided by digital design tools and modular construction, even as supply remains tight relative to accelerating population growth. Dubai continues to dominate the market, accounting for 45 per cent of residential real estate transactions in 2024, with 43,000 transactions worth Dh115 billion recorded in Q1 2025 alone — up 23 per cent year-on-year. This momentum is backed by enhancements in transport infrastructure, expansion of public green spaces, and a diversification of the service economy, transforming the emirate into a permanent lifestyle hub rather than a transient business destination. Badar Rashid Alblooshi, chairman of Arabian Gulf Properties, said the sustained market growth is a positive indicator for the real estate sector of the UAE. 's demand matures and diversifies, developers must continue to innovate and deliver communities that serve the long-term aspirations of residents and investors alike.' Off-plan activity is gaining traction, with primary sales forecast to grow at 10.39 per cent CAGR through 2030. Buyers are drawn to flexible payment plans, bespoke unit features, and the long-term upside of capital appreciation. In Q1 2025, off-plan deals made up 56 per cent of total residential activity. Developers are actively launching projects with a combined pipeline of over 288,000 units, while tokenized ownership models are beginning to open access to fractional investments. In terms of property type, apartments continue to dominate with a 73 per cent market share in 2024. They offer strong rental yields — averaging 6.7 per cent — and appeal to urban professionals and investors alike. However, villas are driving the premium segment's growth with a 9.20 per cent CAGR, as buyers shift toward more spacious, peripheral locations such as Dubai South. The Dh128 billion expansion of Al Maktoum Airport is a key catalyst here, enhancing long-term value in surrounding districts. Luxury residential real estate is booming, driven by an influx of high net worth individuals seeking safe-haven destinations with zero income tax and political stability. The UAE recorded a net inflow of 6,700 millionaires in 2024, with Russian investors alone injecting $6.3 billion into the housing market since 2022. New premium projects, such as Nakheel's Bay Villas, continue to sell out within days, with unit prices exceeding $4 million. The luxury segment is expected to expand at a 10 per cent CAGR through 2030, bolstered by developments on Saadiyat Island and emerging collaborations between developers and global luxury brands. The mid-market segment remains the backbone of the market, representing 47 per cent of transaction value in 2024 and catering primarily to salaried expatriates. However, an affordability gap persists, with only one in four new units priced within reach of households earning between Dh3,000 and Dh10,000 per month. Land releases have been targeted to address this, with 17,080 affordable units slated for development, yet financing remains a challenge amid rising mortgage rates. The cost of borrowing has increased sharply, with the 12-month Emirates Interbank Offered Rate (EIBOR) climbing to 5.306 per cent in June 2024, pushing average mortgage rates to 6.65 per cent. This has particularly impacted mid-income buyers relying on high loan-to-value structures. Cash transactions dominate the Abu Dhabi market, accounting for 70 per cent of sales and mitigating financing pressures in the luxury and upper-mid segments. Government reforms such as the Golden Visa and Retirement Visa schemes have expanded the buyer base, streamlining residency pathways and encouraging longer stays. Golden Visa issuances jumped 52 per cent in the first half of 2024 following reduced fees and easier eligibility thresholds. This policy environment is also supporting a nascent senior housing segment and boosting transaction conversions through faster processing and legal transparency. Ras Al Khaimah is rapidly emerging as a key growth node in the UAE's residential landscape, thanks to major tourism projects and better connectivity. The emirate is forecast to grow at a 10.05 per cent CAGR through 2030, attracting capital that might have traditionally concentrated in Dubai or Abu Dhabi. According to property market analysts, despite the positive outlook, some vulnerabilities persist. Volatile oil prices have led to inconsistent funding for affordable housing programs in subsidy-dependent emirates. A recent Dh2.3 billion allocation helped clear backlogs, but highlighted the dependency on federal transfers and the urgency of diversifying fiscal sources. Meanwhile, ICRA's June 2025 data reflected a slowdown in coal output and electricity generation, which tempered construction activity and power demand. Nonetheless, digital tenancy contracts, increasing home ownership conversions in Abu Dhabi, and the sustained pace of population and tourist growth all point to a durable, investor-friendly real estate environment, market experts added.
