Citing the downturn in the global economic crisis, construction of the one-kilometre-high tower in Dubai’s Nakheel development has been postponed for 12 months. “This is part of our readjustment of our immediate business plans, to better reflect the current market trends and match supply with demand,” says a Nakheel spokeperson in a press release last […]
January 19th, 2009
Citing the downturn in the global economic crisis, construction of the one-kilometre-high tower in Dubai’s Nakheel development has been postponed for 12 months.
“This is part of our readjustment of our immediate business plans, to better reflect the current market trends and match supply with demand,” says a Nakheel spokeperson in a press release last week.
Nakheel has also cut 500 jobs, joining a growing list of Dubai companies bowing to the economic pressures.
Profiled on indesignlive.com in November last year, the Nakheel Tower is to be the tallest in the world – using pioneering engineering techniques.
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