The proposed Trump Tower on the Palm Jumeirah, a Dh2.9 billion (US$800m) project announced earlier this year, has been suspended, says the Australian construction firm contracted to build it, according to The Australian newspaper.
Citing "easing market conditions," the Australia-listed Leighton Holdings said today the project was on hold, and that Nakheel, the developer, had agreed to cover all costs incurred to date, paper said.
The tower was to be a centerpiece of the Palm Jumeirah project. In June a buyer offered $3,000 per square foot, or close to $30m for a penthouse in the development, more than twice the going rate of Dubai's next most expensive properties.
This follows last week's announcement by Trump Entertainment Resorts that it would miss a $53.1m bond interest payment due on Dec 1, in an effort to "maintain sufficient liquidity."
Trump Entertainment, chaired by property magnate Donald Trump, was created out of a bankruptcy restructuring in 2005.
At the same time Deutsche Bank said it would sue Mr Trump over the developer's troubled Chicago condominium and hotel project, according to the Wall Street journal.
The bank says Mr Trump personally owes $40 million after defaulting on a $640 million construction loan for Trump International Hotel & Tower under construction in the windy city.
*With agencies
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Closing the loophole on sugary drinks
As The National reported last year, non-fizzy sugared drinks were not covered when the original tax was introduced in 2017. Sports drinks sold in supermarkets were found to contain, on average, 20 grams of sugar per 500ml bottle.
The non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.
Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.
Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
Not taxed:
Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.
