Emaar chairman takes 100% pay cut
Mohamed Alabbar has announced a new salary structure across the company
Emaar chairman Mohamed Alabbar has taken a 100% pay cut this month, effective until further notice. Alabbar announced his salary reduction in an email to the company’s staff, detailing salary changes for all Emaar’s 6,600 employees.
According to sister publication Arabian Business, the chairman said in his email that the changes had to be made to “secure the continuity of business.”
From this month onwards, senior management will take a 50% reduction, while middle management and junior staff will take a 40% and 30% cut respectively. Support staff working full time are exempt from the salary changes, though those on leave in Emaar’s hospitality division will be given accommodation and medical, along with 15% of their salary.
“Despite the unanticipated emergence of COVID-19 that disrupted all aspect of our lives, I still believe that this too shall pass,” Alabbar said in the email.
Throughout last month, Emaar Hospitality began halting bookings at a number of its Address brand hotels, with many not expected to welcome guests until the summer if not later.