Nakheel said its retail unit had delayed by 12 months its $3 billion (Dh11bn) mall expansion plans.
“Design work and site preparation for Nakheel Retails expansion plans has been delayed for 12 months,” it said yesterday.
“We have the responsibility to adjust our short-term business plans to accommodate the current global environment; our short-term business model is aligned to meet market demand,” it said.
The property firm said in April last year it would develop five shopping malls in the UAE at a cost of $3bn.
Earlier, Myer, Australia’s largest department store chain, said any expansion into Dubai was on hold as Nakheel, its partner, had postponed building the centres Myer would have entered.
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