Bloomberg reported that Nakheel PJSC will scale back some of its projects because of the global economic slowdown.

Nakheel said in a statement that it will reassess its immediate business objectives to accommodate the current economic climate.

It said that “The next few months will see a scaling back of activity around some projects without providing details of the projects that are being reassessed. This will not affect the long term business objectives and is a responsible approach in line with current global economic conditions.”

Dubai is bracing for a slowdown in the property market as economic growth slumps, reducing demand for real estate. Emaar Properties PJSC earlier said on November 13th 2008 that it is reviewing recruitment policies as the global financial crisis squeezes credit facilities and slows the regional property market.

Damac Holding also said on November 11th 2008 that it eliminated 200 jobs as the regional real estate market is hurt by the financial crisis. Omniyat Holdings, another Dubai based developer building projects is reported to cut around 60 jobs.