Dubai’s largest developer has slashed salaries in response to the economic downturn brought by the coronavirus pandemic.
The Khaleej Times reports that a letter was sent to all employees to inform them of the cuts. This said the reductions would be graded by seniority, with Emaar chairman Mohamed Alabbar receiving a 100% cut, senior managers a 50% cut, middle managers taking a 40%, and junior staff 30%. It added that support workers would not be affected.
In the letter, Alabbar said: "Taking all circumstances into consideration, I remain optimistic and I am confident that this is only a temporary phase. Until then we remain grateful for the blessings we have today – our safety, our wellbeing and our families."
Meanwhile, the Reuters agency reports that Emaar has halted work on major projects in Dubai. Citing unnamed sources, it says the suspensions include Dubai Creek Harbour, a megaproject that is to build homes for 200,000 people, and the Dubai Creek Harbour Tower, which will be the world’s tallest building.
Emaar has launched 22 projects in the last year, including The Palace, Sun, Joy and Spring in Arabian Ranches, Green view and Parkside in Emaar South.
Image: Dubai Creek Harbour is among the schemes hit by the suspension (Emaar)