Emaar vague over salary cut speculation
Firm believed to have slashed wages of Armani Hotels & Resorts staff
Emaar Properties has neither confirmed nor denied speculation that it has slashed the salaries of staff working for its Armani Hotels & Resorts brand.
A reliable Hoteliermiddleeast.com source said the company had cut salaries by 20%, but when Hoteliermiddleeast.com approached Emaar with this information, the company was non-committal in its response.
“To address the new challenges that we face, it is important to reorient our growth strategies and align our business model to tackle new realities,” said an Emaar Properties spokesperson.
“Emaar is committed to enhancing our long-term profitability to add value to our stakeholders."
The company did not respond when questioned about redundancies or delays to the Armani Hotels & Resorts Dubai property, which is being developed by Emaar Properties with Giorgio Armani S.p.A and was expected to open in 2009.
However, Emaar Properties stated that it still had more than 2500 employees in Dubai and a further 2500 staff members in its various international joint ventures.