Work on the Trump International Hotel and Tower project has been suspended indefinitely,
reports The National's Angela Giuffrida
. Nakheel, which was developing the project, first called a halt at the end of last year, and now one of the builders, Al Habtoor Leighton Group, is not sure when the project will resume. In essence, the developers waiting to see what happens in the market. (So if you see The Donald walking around The Palm surveying resumed work on the project, take it as a good sign for the market's prospects.)
More of today's property news after the jump.
And the Dubai auction scene is not quite ready for prime time. Four multimillion-dirham properties in Dubai that went under the hammer this week failed to sell,
reports The National's Gregor McClenaghan
. Only nine people registered to take part in Madania Real Estate's auction for three villas in Arabian Ranches and a penthouse in Jumeirah Beach Residences on Tuesday night. Of those, only three actually entered bids, all of which failed to meet the properties' reserve prices.
that earnings of real estate companies in the GCC are likely to dip 20 per cent in the financial year 2009, according to a report by the Kuwait Financial Centre, Markaz.
that Mizin, the real estate development arm of Tatweer, is in talks with Dubai's Real Estate Regulatory Authority (RERA) to link investor payments to construction milestones.
