*World’s most ambitious developer halts new sales

Nakheel, the developer behind the man-made islands shaped as countries of the World , is to stop selling new properties and focus on consolidation.

The developer, which is part of state-owned Dubai World, told Reuters this morning that it has currently stopped new sales.

"Nakheel is currently focusing on consolidating and swapping its projects, this will continue for the foreseeable future".

Nakheel is the property arm of Dubai World which was bailed out by the authorities in Abu Dhabi during the crisis and is currently undergoing a $10.9 million debt restructuring.

The company’s main focus is completing short-term projects and persuading investors in stalled or cancelled projects to swap equity for stakes in completed or near-completed developments.

Other projects by Nakheel include Palm Jumeirah, a venture with Donald Trump and The Palm Jebel Ali and The Palm Deira.

Source: Global edge

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