Nakheel suspends Trump Tower project

Al Habtoor Leighton, Leighton’s United Arab Emirates subsidiary, was carrying out the work for UAE-focused real estate developer Nakheel, which said yesterday that it was scaling back the work on some of its projects to accommodate the current market conditions.The project, which is worth 1.45 billion dirhams to Leighton, commenced in July and Nakheel has agreed to cover all of Leighton’s costs incurred to date.Leighton said the suspension would not have a material impact on its results given the recent securing of the 8.85 billion dirham Dubai Pearl project and the 3 billion dirham Zayed University project in Abu Dhabi.Leighton also said it was close to finalising another major infrastructure project in Dubai, which it said would ensure its work in hand remains at record levels.

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