Global downturn hits boom cities; Major projects in Abu Dhabi, Dubai, and Moscow postponed
One booming metropolises, Dubai, Moscow, and Abu Dhabi are all feeling the effects of the worldwide financial crisis, as detailed in a January 15 report "Global Downturn Dooms Prestige Construction Projects" on Spiegel Online.
Thu, 2009-01-15 13:20
Trump International Hotel and Tower on the Palm Jumeirah island
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.'"