Global downturn blamed as Dubai developer halts all projects not already launched and sold

Dubai developer Deyaar is putting a quarter of its projects on hold because of the global downturn.

The company did not say how many projects this would amount to, adding: 鈥淭he company will hold back the entire 25% of the portfolio that is unannounced and not released for sale.鈥�

Deyaar said projects that had been launched and sold would go ahead as planned.

Last month, the developer posted net profits of 1.1bn dirhams (拢200m) for 2008, a rise of 105% on the previous year's figures. Turnover in the same period went up by 136% to 3bn dirhams (拢528m) on last time.

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