Financial crisis delays the construction of the tallest building in the world

How long will the Burj Dubai hold the top position?

Dubai - The state developer Nakheel from the United Arab Emirates has halted preparatory work on the project for the tallest building in the world, which is to be built in Dubai. The company stated that due to the financial crisis and deteriorating economic prospects in the Middle East, preparatory work will be put on hold for a year.
    Nakheel presented the project only last October. According to the AP agency, the decision to wait with the project may also have been influenced by the stance of the international rating agency Moody's Investors Service. It warned that the decline in property prices will likely have negative effects on the balance sheets of banks in this part of the world.
    House prices in the emirate of Dubai have fallen by about eight percent in the last three months compared to the previous quarter. According to analysts, this is the largest drop in magnitude in recent years.
    The world's tallest skyscraper is to reach a height of more than ten football pitches, or more than one kilometer. However, analysts pointed out during last year's presentation of the project that it is an ambitious project, considering the state of the global economy and the outlooks it faces.
    Representatives of Nakheel stated in a brief message that future work on the construction of the foundations will begin in 12 months. However, the developer did not disclose at what stage the project is currently at.
    Whether the project for the tallest building in the world will be realized or not, Dubai has already secured its leadership in this regard. The Burj Dubai skyscraper is already under construction there, which will be the tallest building in the world upon completion. Its height currently reaches 780 meters, but the building is still not finished and its final height remains a secret.