The reality of what COVID-19 will do to the worldwide economy is setting in.

After one of Dubai’s largest developers announced salary cuts across the board. In a letter reportedly shared to Emaar colleagues from Chairman, Mohamed Al Abbar, a new salary structure has been announced, as the company must enforce strict measures to battle COVID-19.

Emaar Chairman, Mohamed Al Abbar will take a 100% reduction in salary, senior management pay will take a 50% pay cut, middle management will take a 40% reduction in full salary, junior-level will take a 30% reduction, there will be no reduction for support staff working during this time.

The letter from the CEO added, “I remain optimistic and I am confident that this is only a temporary phase”.

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Pay cuts are scary. Layoffs are a different ballgame. Good to see the top paid employees taking the biggest hit here. The drop in salary comes into effect on April 1.

On Monday, Emaar sold an 80% stake in a Dubai-based district cooling facility for $675 million

https://twitter.com/buildersbook_/status/1247078118818484224?s=20

On Sunday, Emaar donated AED100 million to support a COVID-19 relief fund

"إعمار" تساهم بمبلغ 100 مليون درهم دعماً لصندوق التضامن المجتمعي ضد كوفيد-19، والذي أطلقته دائرة الشؤون الإسلامية والعمل الخيري بدبيhttps://t.co/bOnQqKZvBB#دبي pic.twitter.com/kiyhnpbXvb

— Dubai Media Office (@DXBMediaOffice) April 5, 2020

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