er is likewise a secret, as is the price tag.

As part of government-run conglomerate Dubai World, Nakheel has played a major role in creating modern-day Dubai, a city that has blossomed from a tiny Persian Gulf fishing and pearling village into a major business and tourism hub in a matter of decades.

Nakheel is best known for Dubai’s growing archipelago of man-made islands. The new tower would be located in the rapidly growing “New Dubai” section between two of the islands.

Wednesday’s disclosure is only the latest setback for the company. The developer last month cut 15 percent of its staff and said it was scaling back work on some of its ambitious island-building projects. It also delayed a much-publicized luxury hotel being built with Donald Trump.

A number of other developers have also scrambled to cope with the swift change in fortunes. Several real estate and construction companies have been laying off staff, and a new government-backed developer that unveiled a $95 billion project around the same time of the Nakheel Harbor launch recently said it was reviewing its plans now that “investor demands have changed.”

Meanwhile on Wednesday, credit rating firm Moody’s Investors Service said falling real estate prices means the outlook is negative for banks in Dubai and elsewhere in the United Arab Emirates.

The firm cited concern about loans given to “opportunistic” property developers in light of falling real estate prices. Other worrying signs include tighter liquidity, falling equity values, and the steep drop in oil prices, Moody’s said.