Dubai World Unit Nakheel Restarts Work on Delayed Projects, Al Bayan Says

Nakheel PJSC, the Dubai World-owned property company seeking to restructure $10.5 billion of debt, restarted work on projects that have been put on hold, Al Bayan reported, citing people it did not identify.

The company has put out tenders for consulting companies to review and evaluate requests to continue construction, the newspaper said.

Nakheel is encouraging buyers of deferred projects to merge their property, sell it to a third party or move to five other projects which will be completed by next year, Al Bayan said.

Projects that are currently suspended are Trump Tower, Dubai Lake District and Dubai Promenade, the newspaper said.

To contact the reporter on this story: Zahraa Alkhalisi in Abu Dhabi at zalkhalisi@bloomberg.net