Emaar Properties, Dubai’s largest listed developer, announced pay cut for its staff. The company’s chairman has taken a 100 per cent salary cut from April 1.
The company has announced salary cut of 50 per cent for the senior management, 40 per cent for middle management and 30 per cent for junior employees.
Emaar operates in the country. It has corporate office in Gurugram and residential properties in Agra, Lucknow, Delhi, Chennai and others .Earlier, the company had a joint venture with Delhi-based MGF.Read our full coverage on Coronavirus
International
News
The
desert gave Dubai an easy excuse to keep building.
Sprawling
for miles in every direction from the dueling skyscrapers on the
coast, villa communities have sprung up across the sandy interior,
bringing with them schools, hospitals and shopping malls. Where the
dunes once spilled into the Persian Gulf, an eight-lane highway now
connects the new developments with the established neighborhoods.
But
five years into Dubai’s property funk, the emirate’s leadership
is drawing the line.
Work
on a mega-airport, designed to be one of the world’s biggest, was
put on hold. And in the most dramatic U-turn yet, Dubai’s ruler has
created a committee, headed by his son, to balance out supply and
demand in the property market and ensure that state-owned developers
don’t crowd out private builders.Some developers are already
holding off on planned projects. Two of Dubai’s homegrown
billionaires are now calling for a pause to new development. Khalaf
Al Habtoor, who once added 1,600 hotel rooms to the city through one
project, said the market is saturated.
“If
this oversupply continues it will be a disaster,” Hussain Sajwani,
chairman of Damac Properties PJSC, said in an interview. “The
banking system will get affected and that’s something we can’t
afford.” Blame Game
Much
of the property glut is of the government’s own making, since it
controls some of the emirate’s biggest developers. The state-linked
firms, created to speed up construction, used cheap and often free
land to compete for buyers. Some paid upfront without waiting for
homes to be completed by depositing only 5% of the value.
And
excessively optimistic projections of growth in Dubai’s population,
which consists largely of foreigners, only fed the building
boom.....READ
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Companies
News:
Seeking
to ease investor concerns, embattled drug major Sun Pharmaceutical
Industries on Tuesday announced plans to unwind loans of Rs 2,238
crore given to a Dubai-based company, Atlas Global Trading FZC, and
transfer the distribution of the domestic formulation business to a
subsidiary from a separate entity.
Sun
Pharma said the company’s consolidated balance sheet had
receivables of Rs 2,238 crore from a non-related party. “This
liability was in respect of Atlas assuming the damages on account of
Protonix patent litigation settlement entered by Sun Pharma, which
was disclosed in Sun Pharma’s annual report for fiscal year 2014,”
it said in a statement.
Last
month, when investors had asked Sun Pharma Managing Director Dilip
Shanghvi about the loan in a conference call, he said it was given to
a “non-related” party, but did not give details.
Responding
to Business Standard queries, Sun Pharma clarified Atlas Global or
any of its subsidiary was not a related party at any point in
time...Read
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