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DUBAI, UAE-The proposed world’s tallest skyscraper will halt construction for a year-long hiatus according to a statement by developer Nakheel, an entity of government-owned Dubai World. The decision comes on the heels of a report saying that home values in the United Arab Emirates had dropped 8% over the last three months year-over-year. The building, aimed at being just under 4,000 feet, was begun late last year as part of Dubai World’s waterfront development.

The locally based developer is responsible for a few of the more ambitious projects in the rapidly developing Dubai, including the man-made islands Palm Jumeirah, Palm Jebel Ali, Palm Deira and the World–a grouping of constructed islands designed to resemble a global map–as well as the post-poned Trump International Hotel and Tower on Palm Jumeirah. As recently as November, Nakheel announced that it would scale back on a number of projects and cut 500 employees–which was roughly 15% of its global staff–in response to the global economic climate.

Nakheel said in a statement that “further work” on the building’s foundation “will commence in 12 months.” The eventual, official height of the building has not been disclosed, but the competition comes from the current tallest building in the world, Burj Dubai being built by Emaar Properties. The Burj Dubai, while still under construction, is reportedly over 160 stories tall.

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