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Date: 01/12/2008

Nakheel’s world’s tallest property in Dubai to proceed as per schedule

Dubai's leading real estate developer, Nakheel will not stall the construction of world's tallest property, Nakheel Tower and Harbour, in view of current global gloom, chief executive of property firm, Chris O'Donnell said.

With foundation work on the 1.4km-high skyscraper underway, the property market would be "moving positively" again by the time the foundations were complete within two to three years, O'Donnell said.

He said funding for the $38.12 billion project, unveiled last month, would be secured by the sale of land around the tower to other property developers. O'Donnell said following launches in the last year and a half of the Universe, Mina Rashid and Nakheel Tower, it was not taking on any new projects for the time being.