Global economic crisis stops work on world’’s tallest tower in DubaiJanuary 15th, 2009 - 4:56 pm ICT by ANI
Dubai, Jan.15 (ANI): Work on the world’’s tallest building in Dubai has come to a halt for at least a year thanks to the global financial crisis.
A Scotsman report says that developer Nakheel’’s decision to shelve the project, which it unveiled only in October, came as a leading credit rating firm warned that falling property prices leave the outlook for the country’’s banking sector looking negative.
A report this week showed home values in the Emirate tumbling eight percent in the past three months from the previous quarter, marking the first such decline in years.
The skyscraper billed as at least two-thirds of a mile tall was designed to top a rival’’s nearly complete tower that will be the world’’s highest.
In response to questions, the state-owned Nakheel said that “further work” on the building’’s foundations “will commence in 12 months”.
The developer did not say how much work, if any, had been completed. (ANI)
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