Coronavirus: Nakheel cuts some salaries, CEO stepped down March 1

Coronavirus: Nakheel cuts some salaries, CEO stepped down March 1

Dubai state developer Nakheel has cut salaries by up to 50 percent to help it weather the coronavirus pandemic, according to an internal email seen by Reuters.

A Nakheel spokeswoman confirmed to Reuters that some wages were revised in April though did not say by how much.

Nakheel’s long-serving Chief Executive Sanjay Manchanda stepped down on March 1 to pursue new opportunities, the spokeswoman also said.

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