Palm Islands developer says it will re-examine scale of developments in light of downturn
Nakheel, the state-owned developer of Dubai鈥檚 Palm Islands, has said it will scale back construction projects in light of the economic downturn afflicting the UAE.
In a statement, the developer said it intended to slow down its building programme to control supply to the market.
Nakheel said: 鈥淭he next few months will see a scaling back of activity around some of our projects. This will not affect our long term business objectives and is a responsible approach in line with the current global economic conditions.
The developer added that it had a responsibility to help the market maintain 鈥渉ealthy momentum鈥�.
Nakheel is one of the UAE鈥檚 largest developers, responsible for the Palm Jumeirah and the proposed 1km Nakheel Tower in Dubai. The latter project is unlikely to be affected by a short-term economic downturn as the developer predicted it would take 10 years to complete.
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