Trump Tower on hold
Nakheel, one of Dubai’s largest property developers has confirmed that it will be delaying construction on some of it’s flagship projects including the Gateway Towers and the flagship Trump International Tower. Nakheel also announced that they are considering plans for a $15 billion public offering as it looks for ways to cope with its considerable cash flow problems.
Nakheel’s announcement regarding the delay on the Trump Tower comes after its announcement that it plans to make over 500 employees redundant in response to the difficult global trading conditions.
Despite the delays on the Trump Tower and the Gateway Towers, Nakheel said their other major projects including the Madinat Al Arab and the Canal District would continue as planned.
The announcement from Nakheel follows similar cost cutting initiatives from the other major developers including Damac Properties, Omniyat and Tameer.
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