Government-owned Nakheel Properties, developer of Dubai's palm-shaped islands, is not in discussions over the sale of the company and has no immediate plans to cut more jobs, the chief executive told Reuters on Wednesday.

"There are no discussions with any parties," the firm's chief executive Chris O'Donnell said when asked whether any company had approached Nakheel about buying it.

"We've just made the recent (job) cuts. There is no immediate need for further cuts," he said.

The company said on Sunday it had cut 500 jobs or 15 percent of its workforce as it scales back projects due to the global financial crisis.

O'Donnell said that a public listing was still an option, but there was no time frame.

"We've got different options and an IPO is one of the options. It doesn't mean that an IPO is imminent."    

O'Donnell told Reuters in September it would decide on a public listing in the next 12 months. - Reuters