Nakheel Not in Talks Over Sale of Firm: Chief Executive

DUBAI — Nakheel Properties is not in discussions over the sale of company and has no immediate plans to cut more jobs, the chief executive told Reuters on Wednesday.

By (Reuters)

Published: Thu 4 Dec 2008, 6:55 PM

Last updated: Sun 5 Apr 2015, 11:20 AM

“There are no discussions with any parties,” the firm’s chief executive Chris O’Donnell said on Wednesday when asked whether any company had approached Nakheel about buying it.

“We’ve just made the recent (job) cuts. There is no immediate need for further cuts,” he said. The company said on Sunday it had cut 500 jobs or 15 per cent of its workforce as it scales back projects due to the global financial crisis. O’Donnell said that a public listing was still an option, but there was no time frame. “We’ve got different options and an IPO is one of the options. It doesn’t mean that an IPO is imminent.”

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