Emaar chairman Mohamed Alabbar has taken a 100% pay cut, as an economic crisis fuelled by the Covid-19 pandemic hits Dubai’s real estate sector.

In an email seen by Arabian Business, the chairman tells his 6,600 employees that a new salary structure across all levels and Emaar entities must be implemented to “secure the continuity of the business”.

Effective April 1st, 2020 and until further notice, the new structure will see the chairman will take a 100% reduction on his salary, while senior management (grade 13-9) will take a 50% salary reduction and middle management (grade 8-7) and junior staff (grade 6-4) will take a 40% and 30% pay cut respectively.

Support staff (grade 3 and below) working full time are exempt from the pay cuts, but those on leave in the hospitality sector will be given full accommodation and medical, with 15% of their cash salary. In other entities, they will be given 60% of their full salary.

“Despite the unanticipated emergence of Covid-19 that disrupted all aspect of our lives, I still believe that this too shall pass,” Alabbar says in the email, adding that he remains optimistic and “confident that this is only a temporary phase".

“Together we will prevail, rising as one team, one family,” he says.