top of page

Dubai's Emaar suspends construction projects due to virus

  • Apr 8, 2020
  • 1 min read

DUBAI:Emaar Properties, the largest listed developer in the United Arab Emirates, has suspended work on major projects in Dubai, sources familiar with the matter said, as the coronavirus pandemic exacerbates a real estate slowdown in the business hub.


Dubai's property market has struggled in the past decade due to fallout from the global financial crisis and weak oil prices that left the emirate oversupplied with homes and offices.



In the latest knock to the economy, the global virus outbreak prompted Dubai to propose a one-year delay to Expo, a major event it was due to host from October.


Emaar has suspended projects at Dubai Creek Harbour, a new development touted as offering homes to 200,000 people, four the sources said.


That included suspending work on the Dubai Creek Harbour Tower, billed as being higher than Dubai'sBurj Khalifa, which is now the world's tallest building, they said.


Emaar, which built Burj Khalifa, did not respond to a Reuters request for comment.


Emaar had said last month said it had suspended work on a luxury residential tower in a prime Dubai district and had temporarily closed several hotels due to the impact of the virus on tourism.


In a letter seen by Reuters and confirmed by a source, Emaar said Chairman Mohamed Alabbar had forfeited his salary and other staff would have had their salaries cut by as much as 50%.


April 06, 2020

 
 
 

Comentários


Mindcept-Logo.png

© MINDCEPT CONSULTING

  • LinkedIn

DISCLAIMER: The information contained in this website is offered for illustration purposes only and is general information. We make no representations or warranties of any kind (express or implied) with respect to the information, products, services, statements, figures, calculations, plans, images, logos, related graphics and are purely indicative in nature only. Whilst all reasonable care has been taking in providing all information, however, We or / and our related companies or/ and our representatives, consultants or / and our agents accept no responsibility for its completeness, accuracy, reliability, suitability or availability of any information contained herein for any action taken in reliance thereon by any party. Any reliance on information as contained in this website does not constitute an offer, inducement, representation, warranty or contract and may be relied upon at one’s risk and consequences.

bottom of page