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Date: 23/12/2008

Funds adequate for our real estate projects – Nakheel CEO

Dubai's leading real estate developer, Nakheel said that it has adequate funds for its projects and there is no plan for further layoffs, said its Chief Executive Chris O'Donnell.

It was reported last month that Nakheel is considering an initial public offering of as much as $15 billion and is looking for IPO managers.

All the affected employees were provided a redundancy package, which includes outplacement support services to assist in this time of transition, added the spokesperson