Thursday 8 April 2010
Nakheel mega-projects won't see light of day
Many of Dubai’s most ambitious mega-projects will likely never see the light of day despite billions of dollars the government plans to pump into struggling state-owned developer Nakheel, analysts told Maktoob News.
The Dubai government announced last month it would inject $8 billion into Nakheel to enable it to finish projects and pay contractors, part of a proposal to restructure $23.5 billion worth of debt linked to its parent Dubai World.
Analysts said the money will not be enough for Nakheel to revive stalled work on its mega-projects, including a 1 km high tower and palm-shaped island larger than Manhattan, with a recovery in the local real estate market looking remote.
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