The Dubai developer Nakheel, known for building palm-shaped islands in the sea, has cut 400 more jobs in the wake of the property market crash, a newspaper reported on Thursday.

The cuts come on top of 500 made last year, The National said, citing former staff.

A spokesperson for Nakheel declined to comment on the article but said the company was restructuring in reaction to the downturn.

'Nakheel recently merged a number of its business units, which are now undergoing resource restructuring to ensure efficiency and optimization of skill and talent.'    

Nakheel has cut jobs and stalled projects in reaction to the property downturn, which has battered real estate stocks and weighed heavily on the economy in the United Arab Emirates. - Reuters