Dubai’s Emaar stalls work on key projects – report

Dubai-based property developer Emaar has suspended work on major projects across the emirate, triggered by the fallout of the Covid-19 pandemic, Reuters has reported, citing sources familiar with the matter.

Emaar has suspended projects at Dubai Creek Harbour, a development expected to offer residences to 200,000 people, sources said.

The suspension of work also extends to its Dubai Creek Harbour Tower.

On March 10, Emaar said that it would stop taking bookings at three of its hotels – Address Fountain Views, Vida Creek Harbour and Vida Emirates Hills – from March 15 to August 31 as the coronavirus situation hit demand at its properties.

Read: Emaar to stop taking bookings at three Dubai hotels as Covid-19 hits demand

Effective March 23, Emaar Group adopted a work-from-home policy for its employees with the company’s customer channels operating 24/7.

Read: UAE’s Emaar adopts remote working policy for employees

Earlier this week, Emaar chairman Mohamed Ali Alabbar, announced his decision to forfeit his salary and to implement a new salary structure effective April 1, in an email to his employees, a copy of which was obtained by Gulf Business.

Read more: Dubai’s Emaar chairman takes 100% salary cut, assures employees ‘this too shall pass’

Dubai’s property market has been in a slump during the last few years. The coronavirus pandemic could see prices drop to levels last seen 10 years ago, S&P Global Ratings said in a recent report.

Read: S&P sees Dubai property prices dropping to levels seen in 2010