Monday, January 19, 2009

Work on Nakheel Tower paused for a year

Nakheel TowerConstruction work on Dubai's Nakheel Tower will be halted for a year, the company spokesman revealed to the media yesterday. The tower was destined to be one of the world's tallest towers on completion.

Several workers who have been working on the project have been laid off. A Nakheel spokesman, who spoke to the press, mentioned that all further work on the foundations of 'Nakheel Harbour and Tower' will be halted for a year. The works are likely to take nearly three years for completion.

A senior official of the company told the media that the employees have been laid off as "work on the project has been stopped until further notice."

The tower was planned to be the centr-piece of the 270-hectare 'Marina Development', called 'Nakheel Harbour and Tower' adjacent to the Ibn Battuta Mall and the Arabian Canal in Dubai.

About 200 floors and 150 elevators would comprise the Nakheel Tower, which will rise to height of more than a kilometre, and take about 10 years for completion of work in phases.

Owing to global financial turmoil, Nakheel announced towards end of last year, that it planned to put on hold several flagship projects, including the Turnip International Hotel and Tower, apart from 500 or more job layoffs due to global financial turmoil.

Nakheel also revealed that projects such as 'Gateway Towers', 'Trump Towers' and 'Frond N Villas' on the Palm Jumeirah, would also be delayed. Even most of its Waterfront projects, including a series of man-made island will be delayed, the company said.

However, Nakheel has confirmed that work would progress on the Madinat Al Arab, Badra, Venetto and the Canal District, although the area of construction on the six man-made islands would be stopped temporarily.

The series of man-made islands, named 'The Universe', is shaped in the form of the Sun, the Moon and the Planets, which wraps around Nakheel's The World project. It has been delayed with work being restricted to preliminary engineering studies.

As for the Palm Jebel Ali, Nakheel said work on the fond villas and infrastructure for the crescent would continue, while other phases would be delayed, while the duration of delay has not been disclosed.

The company confirmed that work on all other projects by the company, including 'The World' and 'Palm Deira' would continue as planned.


Toronto Condo said...

I wish it never gets built!,I wish the greedy investors learn fomr their greed and the govt learns how they swindled millions and why ppl gave into their stories, this just goes to prove how fragile the economy is in Dubai,which has been the worst hit reion in me..A shame really, the bubble was eventually going to burst but no one had anticipated so soon and to this agree

sunil said...

with the rate of cancellations and delayed projects it will be very interesting to see what gets built and what doesnt. there are so many high profile projects in the middle of completion. where will the money come from now that dubai has half sold itself to abu dhabi?