Abu Dhabi’s state-owned National Oil Co, ADNOC, plans to cut 5,000 jobs by the end of the year, and 2,000 of the lay-offs have already been carried out, Reuters reported. ADNOC, which has roughly 55,000 staff, is trying to cut costs as low oil prices slow economic growth and pressure state finances.

A spokesman from the company said that “In keeping with the entire oil and gas industry, ADNOC is constantly looking at ways to be more efficient and more profitable, particularly in the current market environment.”

According to ET EnergyWorld,  ADNOC had reshuffled its leadership in the first major shake-up since the appointment of Sultan Al Jaber as its Chief Executive last February. The slow economic growth has been evident in the Emirati capital, as the state owned oil explorer and power supplier, TAQA, reported its first-quarter net loss hurt by low oil prices, as well as the decrease in  the electricity and water revenues.