Global downturn hits boom cities; Major projects in Abu Dhabi, Dubai, and Moscow postponed
Trump International Hotel and Tower on the Palm Jumeirah island
Once booming metropolises, Dubai, Moscow, and Abu Dhabi are feeling the effects of the worldwide financial crisis, as detailed in a January 15 report "Global Downturn Dooms Prestige Construction Projects" by Spiegel Online.
The article states: "Developers are quietly removing one project after another from the market. Donald Trump's $600 million (€438 million) Trump International Hotel and Tower on the Palm Jumeirah island has been 'postponed.' A 1,000-meter tower being planned by the partly state-owned real estate development company Nakheel is 'under review.' And the new Jumeirah Gardens neighborhood, with a planned total investment of $100 billion (€73 billion), has also been 'postponed.'"
Read the full report at: http://www.spiegel.de/international/business/0,1518,601523,00.html