The rights of an employee when being terminated due to financial issues

Hello,

I am working under a company within a Freezone area and I just received a termination letter subjected "redundancy due to financial issues" and would like to know my rights before negotiating with the employer while taking the below notes into consideration:

- Sales recently increased and boomed. Delivery performance is even better.

- My position in the department is still available and occupied by another employee.

What are my rights in this case?

Is it an arbitrary dismissal?