Emaar Properties, one of the world’s largest property developers, is preparing to cut jobs to help it steer through the biggest crisis in its 11-year history amid a sharp fall on Dubai’s stock markets and a cooling of the Gulf state’s property sector.

The company, which accounts for about 10 per cent of the Dubai stock market, on Thursday said it was reviewing its 5,000-strong workforce in light of the weakening Dubai property market, which is declining for the first time since foreigners were allowed to buy property in 2002.