Emaar may cancel Burj Dubai towers

Emaar could shelve plans to build 13 high-rise buildings earmarked for the site of the world’s tallest tower in Dubai after investors transferred their down payments to other projects.

The developer of the US$20 billion (Dh73.45bn) Downtown Burj Dubai project has allowed buyers since the start of the year to transfer their down payments on the buildings to other projects on the secondary market after sales dried up.

However, brokers report that buying and selling of credit on the towers has now come to a virtual standstill. Emaar did not say when a decision would be made.