Dubai mega projects likely to face delays
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Even in the booming UAE real estate market, the global economic crisis is beginning to take hold, according to a Gulf News report. Many of Dubai’s mega-projects, including parts of the AED350 billion (US$95 billion) Jumeirah Garden City, the Trump International Hotel and Tower on Palm Jumeirah and Nakheel’s kilometre-tall tower, are report to be suffering delays as companies feel less inclined to spend huge sums.
“The master plan (of Jumeirah Garden City) is being revisited and pockets of the development are delayed,” a spokesperson for a Dubai-based Meraas Development told Gulf News.
Meanwhile real estate giant Nakheel said on Sunday said that parts of Palm Jumeirah are delayed, including Frond N villas, Gateway Towers and Trump International Hotel and Tower. The company’s proposed kilometre-high tower is also on hold, according to the report. Work on The Universe project will be restricted to preliminary engineering studies, Nakheel added.
In further evidence of the financial crisis hitting Dubai, it was also reported by the Gulf News yesterday that Nakheel has laid off 500 staff.
“We have the responsibility to adjust our short term business plans to accommodate the current global environment. The redundancies are indeed regrettable, but a necessity dictated by operational requirements which are in turn dependent on demand,” a Nakheel spokesperson was quoted saying.
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