The suspension of the $2.9 billion Dubai Trump tower project will not financially hurt the Al Habtoor Leighton Group after Nakheel agreed “to cover all costs incurred to date,” newswire AAP reported on Monday.

Al Habtoor Leighton was constructing the Trump tower for the Dubai-owned real estate developer, which on Sunday announced that it was delaying several of its flagship projects, as well as axing 500 jobs, amid the global financial crisis.

The group was working on the construction project as part of a joint venture with South African construction and engineering group Murray and Roberts.

Leighton said: “Al Habtoor Leighton is close to finalising another major infrastructure project in Dubai, which should ensure that work in hand remains at record levels,” according to AAP.

Al Habtoor Leighton was created last year through a merger of Australia’s Leighton International in the Gulf and UAE-based Al Habtoor Engineering.