Dubai Developer Nakheel Slashes Salaries
Dubai property developer Nakheel has slashed salaries by as much as 50% as it tries to weather the coronavirus crisis, according to media agencies. 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. 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%. Staff earning 4,000 dirhams ($1,089) a month or less would not be affected.
Tags : INTERNATIONAL Real Estate Property financial crisis Dubai developer Nakheel Slashes Salaries