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Dubai downturn hits Nakheel

The Nakheel Tower in Dubai has been put on hold for a year, according to reports.

The tower, which developer Nakheel claims would be over 1km high, would have far surpassed the current tallest building, the Burj Dubai, which reached 780m in December.

Nakheel said work on the building’s foundations would recommence in
12 months. It said it took the action to match supply with demand.

The skyscraper is part of the £39bn Nakheel Harbour and Tower project, which was launched last October (NCE 9 October 2008).

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