Axiom cuts jobs amid regional expansion

Axiom Telecom yesterday made several senior and junior employees redundant with 30 days notice, a source told Comm.

Prior to this wave of redundancies, Axiom employed 1700 people in nine countries

Axiom is the largest distributor and retailer of mobile phones in the Middle East.

The move comes as a surprise in the region’s booming economy where downsizing is almost unheard of, and even more so considering Axiom secured US$400 million in a syndicated term loan facility last month to assist its global expansion plans.

CEO of the company, Faisal Al Bannai, is intent on establishing an MVNO in the region, and last July the company launched a 50/50 venture with India’s leading retailer Pantaloon Retail, giving Axiom a footing in the world’s second largest mobile market.

Axiom has more than 500 outlets, and prior to this wave of redundancies counted 1,700 people across the UAE, Saudi Arabia, Bahrain, Qatar, Oman, Kuwait, London, Egypt and India.