Dubai property developer Nakheel has slashed salaries by as much as 50 percent 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.
Nakheel in January announced the appointed of Mohammed al-Shaibani, chief executive of Dubai's state fund, as its new chairman.
Nakheel, developer of the emirate's palm shaped islands, was one of the worst hit by Dubai’s 2009-2010 real estate crash, forcing it into a massive debt restructuring.
Due to government restrictions aimed at containing the spread of the coronavirus, Nakheel had to close nearly all outlets in its shopping centers for several weeks.
Dubai last month eased a 24/7 emirate-wide lockdown back to 10:00 p.m. to 6:00 a.m. and allowed some businesses, such as shopping malls, to starting reopening at reduced capacity.
The United Arab Emirates has reported 15,192 infections and 146 deaths.