Global downturn blamed as Dubai developer halts all projects not already launched and sold

Dubai developer Deyaar is putting a quarter of its projects on hold because of the global downturn.

The company did not say how many projects this would amount to, adding: “The company will hold back the entire 25% of the portfolio that is unannounced and not released for sale.”

Deyaar said projects that had been launched and sold would go ahead as planned.

Last month, the developer posted net profits of 1.1bn dirhams (£200m) for 2008, a rise of 105% on the previous year's figures. Turnover in the same period went up by 136% to 3bn dirhams (£528m) on last time.