By Bernd Debusmann Jr
Dubai Creek Harbour is among the projects that have been halted, according to a Reuters report
Emaar Properties has suspended work on its major projects in Dubai amid the ongoing coronavirus pandemic that has added to a slowdown in the emirate's real estate market, according to media reports.
According to a Reuters report citing “source familiar with the matter”, Emaar has now suspended work on major 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.
Arabian Business has reached out to Emaar for comment.
Earlier this week it was revealed that Emaar chairman Mohamed Alabbar has taken a 100 percent pay cut as the economic crisis fuelled by the Covid-19 pandemic hits Dubai’s real estate sector.
Effective April 1st, 2020 and until further notice, the new structure will see the chairman will take a 100 percent reduction on his salary, while senior management (grade 13-9) will take a 50 percent salary reduction and middle management (grade 8-7) and junior staff (grade 6-4) will take a 40 percent and 30 percent pay cut respectively.
Additionally, Emaar had earlier announced the temporary closure of a number of hotels as a result of the pandemic.