Nakheel Axes New Projects

Chris O'Donnell, chief executive of Nakheel, has said the developer has no plans to launch any new projects, as sales are slowing down. Last month Nakheel announced plans to reduce its workforce by 15%, but has since said it is not planning on making any more redundancies. Nakheel is one of a number of Dubai developers which have cut staff, scaled back and reviewed projects as the global financial crisis hits Dubai's real estate sector.