Drake & Scull boss Khaldoun Tabari has scooped the prestigious “Lifetime Achievement Award” at the CEO Middle East Awards. Tabari was presented with the award at a special ceremony held on Monday night at The Armani Hotel, Dubai. The judges remarked that “under Tabari’s stewardship Drake & Scull has become one of the Gulf region’s most prominent MEP contractors.”
Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum said the emirate is recovering after state-controlled holding company Dubai World reached a debt restructuring settlement with creditors. Dubai’s vision is unchanged after projects such as Meydan’s racecourse and Burj Khalifa, the world’s tallest building developed by Emaar Properties, were completed on schedule, Sheikh Mohammed said. “All the projects that were there are going ahead,” although some may be delayed for six months to a year, he said.
The 2010 outlook excludes the impact of a claim relating to Burj Khalifa, the world's tallest tower in Dubai, the statement said. The company had made a net loss 103.6 million dirhams in the first half of the year due to the Burj Khalifa claim, it said in August. The firm said it is positioned for about 20 percent growth in 2011 and 2012. It is also expanding into new territories like Yemen, Angola and Abu Dhabi.
Armani-branded residences in the Burj Khalifa are comparatively holding their sale value, despite other apartments in the world’s tallest tower seeing price declines of more than 70 percent, real estate brokers have said. Average sale prices for the tower’s 144 luxury Armani Residences are valued at AED4-5,000 per square foot; at their minimum, almost double the AED2,800 per sq ft commanded by the remainder of the skyscraper’s 900 apartments, said Catherine Clarke, head of residential valuations at real estate consultancy firm Colliers International.
Sharjah plans to rival Dubai’s Burj Khalifa development with the launch of a waterfront project set to spearhead a real estate ‘renaissance’ in the emirate, Cluttons said in a report Sunday. The emirate’s investment authority, Shurooq, is transforming Al Majaz Park on the Al Buhaira Corniche into a social hub, featuring a fountain centerpiece and rows of hotels and restaurants.
Last month's gala launch of the Burj Khalifa in Downtown Dubai was a fitting tribute to the skill and professionalism of the assembled event production specialists, lead by Dubai-based outfit Prisme International and French fireworks contractor Groupe F. While it's hard not to imagine the scale of the launch event had the 828 metre tower opened at the height of Dubai's boom years (think Atlantis times 10), the fireworks presentation itself differed little to initial designs drawn up by Groupe F's artistic director and CEO Christophe Berthonneau more than two years ago.
Apartment sellers in the Armani Residences have listed a number of two bed room units for AED30m ($8.1m) each. Several units were put on sale in the past week, and the prices equate to AED13,500 ($3675) per square foot – nearly 20% higher than during the peak of the property boom in Dubai.