Emaar, Dubai's leading real estate developer, has announced a reduction of salaries across the board, ranging from 15 to 50 per cent amid the precautionary measures against the Covid-19 coronavirus.
Emaar chairman, Mohamed Alabbar, will receive a 100 per cent salary cut while the salary of senior management will be slashed by half.
In a letter to employees, a copy of which was seen by Khaleej Times, Alabbar said that effective April 1, 2020, Emaar Dubai will implement a new salary structure across all levels and Emaar Dubai entities.
The middle management employees will have their full salaries reduced by 40 per cent, while the junior staff will take a salary cut of 30 per cent.
There won't be pay cuts for support staff working full-time during the period. Those who are on leave or not currently operating will be given 15 per cent of their salary plus accommodation and medical benefits.
"I would like to reassure that our people remain on top of our priorities. 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," said Alabbar.
"Together we will prevail rising as one team, one family," he concluded.
The real estate giant is behind some of UAE's glistening architectural marvels like Burj Khalifa, Dubai Marina, Marina Mall, Arabian Ranches among others. During the year, Emaar Development launched 22 new projects including The Palace, Sun, Joy and Spring in Arabian Ranches, Green view and Parkside in Emaar South to mention a few.
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