Completion Of The Nakheel tower On Hold?

In October, I wrote a post about the 3,280 ft high tower in Dubai and how this project was set to be one of the tallest buildings in the world upon its previously projected topout in 2018. Now it seems that this date will have to be pushed back a year with a halt in construction as Dubai, the Middle East's business and entertainment capital feels the effects of the economic recession (Really?).

The decision to put this project on hold came as a leading credit rating company warned that falling real estate prices would probably hurt banks in Dubai and elsewhere in the United Arab Emirates. Representatives of the developer said in a statement that "further work" on the tower's foundations will resume in 12 months though they failed to state just how much work has been done so far. "This is part of our readjustment of our immediate business plans to better reflect the current market trends and match supply with demand," the company said.

The tower named after Nakheel, a state-owned builder has been competing with the Burg Dubai, which is still under construction and has reached 780 meters, or 2,559 feet, and now has more than 160 stories. The final height though is still being kept a secret till its completion but for now, it look like the Burg Dubai is going to win the race.

I must confess that I'm a bit surprised that Dubai of all places that seemed to defy cost, detrimental effects on their ecosystem or common sense has been affected by the economic downturn the rest of us regular folk feel. I guess this will put somewhat of a damper on the whole "mine is bigger than yours" race in the Middle east. Still, with a secret price tag, which probably means that the tower costs a mind boggling amount of money, it is little wonder that further funding might be tight even in Dubai.


Image obtained from: the International Herald tribune.