SWF Radar Nakheel

AP reports that Dubai’s Nakheel is rethinking its staffing needs and the pace of its projects in light of the economic slowdown.

Gulf News reports that, “[Nakheel Hotels, a business unit of Nakheel, part of Dubai World] is planning a ‘pause’ in US hotel investments as it eyes markets in Asia and the Middle East for its future developments.”

The Age BusinessDay reports that, “Mirvac’s largest shareholder, Nakheel Property in Dubai, which owns almost 15% of the company, said late yesterday it would not take up its entitlement due to shaky financial conditions in the emirate. That will skew the composition of the capital-raising, currently based on a $72 million institutional placement and $428 million entitlement offer. Mirvac could now lean on its second-biggest shareholder, the Singapore Government investor GIC, with 6.1%, to pick up the slack. Last month, GIC helped underwrite the $1.6 billion capital raising of another property trust, GPT.”

Vista Dubai reports that, “Property prices in the UAE saw an increase in September, with Dubai registering 17 percent increase, and Abu Dhabi registering 11 percent increased, compared to an average increase of just 2 to 3 percent during the summer months….According to estimates, about 90 percent of upcoming supply in Dubai will be controlled by Emaar, Nakheel and Dubai Holdings.”

Steel Guru writes that, “MEED reported that selected companies have been invited to submit proposals by November 20th 2008 for a tower at least 1 kilometer high at the AED140 billion (USD 38 billion) Nakheel Harbor & Tower development in Dubai.”

Thomson Reuters reports that, “Top property developer Nakheel said it had been approached by Gulf sovereign wealth funds (SWF) keen to invest in the region amid the global financial crisis, its chief financial officer said.”

ArabianBusiness.com reports that, “EFG-Hermes on Monday cast doubt over Nakheel’s plan to build a tower more than one-kilometre high, stating the timing was not ‘ideal’ and questioning how the $38.12 billion project will be funded.”

The Guardian writes that, “Dubai’s property developers are still thinking bigger than everyone else - despite growing fears that the Middle East will not be immune to a global slump.”

ArabianBusiness.com writes that, “The current turmoil in global markets has seen Palm developer Nakheel adopt a ‘wait and see’ attitude towards investing in foreign markets, a senior executive for the developer said on Monday.”

Trade Arabia reports that, “Dubai-based master developer Nakheel has announced plans to build Nakheel Harbour & Tower, a new community which will boast a tower more than a kilometre high and the world's only inner city harbour.”