Nakheel, the real estate arm of Dubai World, is not planning to lower its stake in Australia's Mirvac Group even though it has backed out of the consortium that was bidding to develop Barangaroo, a $2.6 billion (Dh9.5bn) project on east Darling Harbour of Australia.
"Nakheel is adjusting to market conditions and aligning its business model to meet demand. This is a responsible decision in light of the current global financial environment," a company spokesperson told Emirates Business.
Mirvac Projects, Leighton Projects and Macquarie Property Development and Finance told an Australian newspaper that Nakheel's departure from their tender did not jeopardise the bid.
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