Global downturn hits boom cities; Major projects in Abu Dhabi, Dubai, and Moscow postponed

January 15, 2009 |


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

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