With the weight of the financial crisis still holding back real estate developers, some are finding it necessary to delay or even cancel projects. Nakheel, one of the world’s largest privately owned real estate developers, announced in mid-January that it has stopped construction on the Nakheel Tower for 12 months. The tower will purportedly be one kilometer high, making it the tallest in the world. This has lead to the layoff of construction workers, in addition to the 500 employees already axed by Nakheel in Novemberw 2008. In the first week of January, Dubai’s real estate company Meydan LLC canceled the Nad El Sheba racecourse construction deal with the Malaysian firm WCT Berhad — formerly known as WCT Engineering Berhad — and Arabtec. Meydan’s chairman told Arabian Business that the deal was canceled because the joint venture of the two companies was unable to “deliver certain zones” of the project
