UPDATE 1-Dubai developer Nakheel slashes salaries due to coronavirus crisis - Reuters:
Dubai property developer Nakheel has slashed salaries by as much as 50% as it tries to weather the coronavirus crisis, according to an internal email seen by Reuters, and its chief executive resigned in March, a spokeswoman said.
Dubai has faced a slowdown in its property sector for most of the previous decade as the global financial crisis and weak oil prices left the regional business hub oversupplied with homes and offices.
“Due to the ongoing circumstances, we have reached the stage where it is time to implement some necessary measures to help us weather this storm, safeguard our staff and security continuing of our business,” state-owned Nakheel said in the email.
Top management and other senior executives were told that wages would be halved from April 1, while less senior employees have had their salaries cut by between 30% and 40%.
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