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Trump Tower Project Suspended
DUBAI - Trump Tower, a $789.5 million project planned for one of Dubai’s palm-shaped islands, has been suspended, one of the companies involived in the project, Australia’s Leighton Holdings, said on Monday.
The high-profile cancellation comes one day after Dubai’s government-owned developer said it had cut 500 jobs or 15 per cent of its workforce as it scales back projects as signs that the emirate is being hit hard by the global credit crisis intensify. Further slowing of projects and suspensions among Dubai property developers are expected to increase as the credit crunch bites the seaside emirate.
Nakheel has agreed to cover all costs for Al Habtoor Leighton Group and Murray and Roberts’ costs incurred to date for the project, which began in July, the statement said.
The project, located on Palm Jumeirah, is a high-end, mixed-use development containing hotel and residential facilities.
Separately, Dubai-based private property developer Azizi Investments said in a statement on Monday its five projects on Palm Jebel Ali were continuing as planned, despite Nakheel’s statement on Sunday. Murray & Roberts Ltd. said that the suspension of the Trump Towers project in Dubai will cut its order book by 3.2 billion rand ($313 million).
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