Dubai: Rizwan Sajan, Chairman of property developer Danube, has said he will not lay off any of the company’s 3,600 employees and that contstruction projects are moving ahead despite the coronavirus pandemic.
In an interview to Gulf News on Friday, he said the company’s budget had dropped 75 per cent.
“April has been the hardest month for us. I will gauge the numbers by end April to work out new strategies,” he said.
“There will be no lay-offs,” he added. “That is my priority. My people and their staff are dependent on me and I will not let them down.”
Regarding salary cuts, he said, “I have still not made a decision. All will be done after looking at numbers end April.”
Sajan said there could be slight delay in the completion of their real estate projects.
“But work is in full swing. I have to thank the UAE government for allowing construction and real estate to go on. We are taking all precautions to ensure the safety of our workers in this time.”
Sajan also spoke at a webinar hosted by the Indian Business and Professional Council (IBPC) on Saturday.
“The construction sector has been exempted from the lockdown announced by the government and this is a huge saving grace for us,” he said.
“If things don’t improve then it will be a difficult time for our company too. Right now we have been hit but we are not in a tough situation.
“Real estate prices will fall further – there is no question about it. But as a buyer, you should buy property when prices are falling, rather than rising. There is a lot of bargains in the market and distressed sales because of people losing jobs.
“But in the end, COVID-19 is not going to last longer. We should be out of it in three months,” he added.
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