Emaar Properties has suspended work on all its major projects in Dubai amid the ongoing coronavirus pandemic.
According to a Reuters report citing “source familiar with the matter”, Emaar has now suspended work on projects including Dubai Creek Harbour, and its planned Dubai Creek Harbour Tower, which the company has billed as being higher than Dubai’s famous Burj Khalifa. Once completed, the Dubai Creek Harbour project is expected to become home for approximately 200,000 residents.
Earlier this week it was revealed that Emaar Chairman Mohamed Alabbar has taken a 100 per cent pay cut as the economic crisis fuelled by the Covid-19 pandemic hits Dubai’s real estate sector.
Effective from the 1st April 2020 and until further notice, the new structure will see the chairman will take a 100 per cent reduction on his salary, while senior management (grade 13-9) will take a 50 per cent salary reduction and middle management (grade 8-7) and junior staff (grade 6-4) will take a 40 per cent and 30 per cent pay cut respectively.
Additionally, Emaar had earlier announced the temporary closure of a number of hotels as a result of the pandemic.
