No worries on Trump Tower halt: Leighton | Rugby League | QRL and NSWRL

1st December 2008

LEIGHTON Holdings Ltd says the suspension of construction at the $AED2.9 billion ($A1.22 billion) Trump Tower project in Dubai will not have a material financial impact on its 45 per cent held Al Habtoor Leighton Group.

The project was worth $AED1.45 billion ($A610 million) to the Al Habtoor Leighton Group, which was created last year through the merger of Leighton International's operations in the Arabian Gulf with United Arab Emirates-based Al Habtoor Engineering.

Al Habtoor Leighton Group was constructing the Trump Tower, for Dubai-based property development company Nakheel, in a joint venture with South African construction and engineering group Murray & Roberts.

However, Nakheel announced on Sunday it was scaling back work on some of its projects to accommodate the current easing market conditions.

"Nakheel has agreed to cover all Al Haboor - Murray & Roberts' costs incurred to date," Leighton, Australia's largest project development and contracting group, said on Monday.

Al Habtoor Leighton Group recently secured the $AED8.85 billion ($A3.72 billion) Dubai Pearl project and the $AED3 billion ($A1.26 billion) Zayed University project in Abu Dhabi.

"The Al Habtoor Leighton Group is close to finalising another major infrastructure project in Dubai, which should ensure that work in hand remains at record levels," Leighton said.

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