Of all the buildings under construction nationwide left unfinished because of the recession, the Fontainebleau Las Vegas resort, which analysts say may be nation’s largest and most expensive stalled construction job, might be the poster child for badly timed development.
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Monday, October 12, 2009
RAK Plans to Halt Parts of $3.3 Billion Project
Oct. 12 (Bloomberg) -- RAK Properties PJSC, the developer that built Ras Al Khaimah’s first man-made islands, is halting parts of a 12 billion-dirham ($3.3 billion) project until market conditions improve, the chief executive officer said.
Parts of Mina Al Arab, a beach resort in the northern part of the United Arab Emirates, that haven’t been sold will be halted, Mohammed Sultan Al Qathi said in an interview last week. The developments on hold include a marina, a shopping center and seven hotels, Al Qathi said.
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Parts of Mina Al Arab, a beach resort in the northern part of the United Arab Emirates, that haven’t been sold will be halted, Mohammed Sultan Al Qathi said in an interview last week. The developments on hold include a marina, a shopping center and seven hotels, Al Qathi said.
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Punch to cut value of estate by £600m
Punch Taverns, the pubs landlord, is expected to slash the value of its estate by more than £600m when it unveils its annual results this week.
The indebted leisure group, which owns 8,300 pubs, will be forced to write down the value of its portfolio because of a combination of the falling property market and a decline in takings at its outlets
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The indebted leisure group, which owns 8,300 pubs, will be forced to write down the value of its portfolio because of a combination of the falling property market and a decline in takings at its outlets
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