Rights of the employee in termination for economic reasons

Hello Experts

I need your help to understand and tackle my unemployment in this difficult time.

I was working in an FZ company in DMC and my employer terminated my unlimited contract in January 2020 by giving this reason:

“The company is not making expected revenue, and to save the cost, the company has decided to outsource my job to one of their offshore offices."

I served my two months notice period which ended in March 2020 after that they paid my gratuity as per the UAE law.

Now they want me to sign EOS agreement stating “To this effect, I hereby undertake not to claim any compensation from the company on account of termination of the employment relationship.”

I cross-checked with the employer, termination is not due to my performance. They terminated my contract on the ground of the aforesaid reason.

I want to know, is this “arbitrary dismissal” as per the UAE law?

If yes, what are my rights and how can I claim them?

Can you please help to understand my case?

Thank you and look forward to your response.