Developer that planned the Palm complexes announces a halt on sales in the emirate

Debt-laden Dubai developer Nakheel has announced that it has stopped selling properties.

In a statement, the developer behind the Dubai Palm projects said: 鈥淣akheel has stopped selling properties currently, and is focusing on consolidations and swaps options.鈥�

A member of the firm鈥檚 marketing team confirmed that it was 鈥渘ot selling any more 鈥� there are no properties for sale鈥�.

The company has not yet released any other details about the decision or why it has been made.

Nakheel owes $10.5bn to creditors in the wake of the 2008 Dubai property crash, including an estimated 拢250m to consultants and engineers from the UK.

It is currently negotiating with its creditors how it will pay off its debts. It has said a deal should be done by the middle of the year, after missing two deadlines to get enough creditors on board at the beginning of 2011 and again at the start of April.

Earlier this month engineer Halcrow said it had signed a deal to start work on a 鈥渕odest sized鈥� project in the UAE for Nakheel.

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