Search
 

World's Tallest Skyscraper Hits Pause Button

DUBAI, UAE-Nakheel Development's record-setting tower will be put on hold for one year, as the current financial crisis threatens real estate here.

By Ryan Clark | Updated on January 15, 2009

DUBAI, UAE-The proposed world’s tallest skyscraper will halt construction for a year-long hiatus according to a statement by developer Nakheel, an entity of government-owned Dubai World. The decision comes on the heels of a report saying that home values in the United Arab Emirates had dropped 8% over the last three months year-over-year. The building, aimed at being just under 4,000 feet, was begun late last year as part of Dubai World’s waterfront development.

The locally based developer is responsible for a few of the more ambitious projects in the rapidly developing Dubai, including the man-made islands Palm Jumeirah, Palm Jebel Ali, Palm Deira and the World–a grouping of constructed islands designed to resemble a global map–as well as the post-poned Trump International Hotel and Tower on Palm Jumeirah. As recently as November, Nakheel announced that it would scale back on a number of projects and cut 500 employees–which was roughly 15% of its global staff–in response to the global economic climate.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.