Publication Date:
Tue, 2008-12-23 03:00
DUBAI: Government-owned Nakheel, developer of Dubai’s palm-shaped islands, has adequate funds for its projects but has no plans to launch new developments as sales are slowing, its chief executive said yesterday.
Chris O’Donnell told reporters the firm did not see a need for further layoffs after it announced plans to reduce its workforce by 15 percent last month. Nakheel is one of a number of Dubai developers that have cut staff, scaled back and reviewed projects.
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