Emaar Properties suspended work on major projects in Dubai, in light of the real estate slowdown in the emirate due to the pandemic of the Corona virus.
According to Reuters, four sources said that Emaar had suspended projects in Dubai Creek Harbor, which is planned to house 200,000 people.
This means stopping the work at Burj Dubai Creek Harbor, which is described as being higher than Burj Khalifa, the tallest building in the world today.
Emaar announced last month that it had suspended the construction of a luxury residential tower in Dubai's upscale neighborhood and closed several hotels temporarily due to the impact of the virus on tourism.
In a letter seen by Reuters and confirmed its source of substance, Emaar Chairman Mohamed Al-Abbar said he had given up his salary and that the salaries of other workers would be reduced by half.
The real estate sector in Dubai has faced difficulties in the last ten years as a result of the repercussions of the global financial crisis and the weak oil prices, which resulted in five in the supply of homes and offices in the emirate.
In the latest blow to the economy, the global outbreak of the Corona virus prompted Dubai to postpone the proposal to postpone the Expo, which was to host it in October, for a year.
