Trump Tower put on hold

Dubai, UAE-based property developer Nakheel has suspended work on its Trump Tower project. The AED 2.9 billion (US$ 790 million), 62 storey, 270 m high structure is intended as the centrepiece of the company’s Palm Jumeirah artificial island scheme off the coast of Dubai.

The contractor for the project is a consortium comprising the Al Habtoor-Leighton joint venture and Murray & Roberts. Both report that the suspension is a temporary measure by Nakheel until the current turmoil in the global economic system stabilises. Nakheel itself has made no comment on the suspension.

The contractors also report that Nakheel will cover all the contractors’ expenses to date on the project. Neither expects the suspension of the scheme to have a material impact on its financial results this year.