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Dubai skyscraper is put on hold

January 15, 2009|Times Staff and Wire Reports

The developer of a skyscraper in Dubai that is planned to be the world's tallest said it would halt work on the project for a year as the United Arab Emirates grapples with the financial crisis.

State-owned builder Nakheel's decision to shelve the project came as a leading credit rating firm warned that falling real estate prices were likely to hurt banks in the emirates.

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