Job losses on the horizon for palm firm

Announcements are expected in the next few days, a consequence of fallout from the global financial crisis. Dubai property values have fallen 50 per cent in a year. The company said last night: “Nakheel continues to evaluate its projects and commitments against market conditions and opportunities. In doing so, the company also evaluates its cost base and efficiencies.”

Ratings agency Standard & Poor’s said Dubai needs to raise another $10bn (£6.3bn) for its economic support fund, to prop up government-related companies.

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