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Tuesday, May 5, 2009

Dubai World to delay new developments

DUBAI: Dubai World said on Sunday it would complete all projects currently under construction but would delay any new developments, including a plan to build the world’s tallest tower, until market conditions improve.

Dubai World unit Nakheel, developer of Dubai’s palm-tree shaped islands, said in January it would halt work on a one kilometre tall tower for a year as the former boomtown suffers from a downturn in its property market.

By Reuters

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