Emaar Properties, the developer of the world’s tallest tower in Dubai, incurred a loss of 38.5 million dirhams ($10 million) from the sale of Hamptons Group Ltd.’s operations in Europe, UK and Asia to Countrywide. The property sold is building Number 5 in the Emaar Square project near Burj Khalifa, the world’s tallest tower, and houses the local offices of HSBC Holdings Plc, The National newspaper reported today, citing people it didn’t identify.
British engineering firm Hyder Consulting said on Tuesday that it was on track to beat profit forecasts in its full-year results, despite still being owed GBP9.4m ($14.9m) by Dubai clients.The company, which advised on Dubai’s Burj Khalifa project, said it was poised to report full year revenue and operating profit “slightly ahead” of market expectations, after absorbing operating costs of around GBP3m.
In terms of acquisitions, Sweid said these might be "further down the line now that we're consolidating all the business that we have". In terms of its work on the Burj Khalifa, Sweid said the full value of the contract had been paid in full and on time by Emaar, although the firm was pursuing a claim against Samsung, the primary contractor on the tower, as work took longer than expected.
The UAE Minister of Economy's keynote speech from the 4th Arabian Business Forum is shown in full below. HE Sultan Bin Saeed Al Mansoori is the UAE's minister of economy. He was speaking at the 4th Arabian Business Forum, held at the Armani Hotel Dubai on May 23, 2011
Emaar Properties said on Saturday it had set up a new team of senior managers and consultants to develop a five-year action plan. The Dubai-based developer of the Burj Khalifa, the world's tallest tower, said the team would "develop and roll-out a five-year corporate strategic action plan for long-term value creation".
There is little surprise at this hotel’s entry into the Top 10 Hotel openings of 2010. There were sceptics who claimed this was a “fluff” opening, but the noise surrounding the arrival of the world’s first Armani hotel couldn’t be ignored. All eyes were on Dubai for the right reasons — and quite a stunning hotel was the result. Room categories available include 24 Armani Studios, 44 Armani Classic rooms, 38 Armani Premiere rooms, 36 Armani Suites, six Armani Executive and six Armani Ambassador Suites, and five Armani Signature Suites.
The world’s tallest building is to ‘go dark’ on March 27, in order to observe Earth Hour, the global initiative against climate change. Emaar Properties, developer of the Burj Khalifa in Dubai, is to switch off the exterior lights of its landmark developments from 8.30pm to 9.30pm.
Even with the limited amount we know about the project, it is impossible to conceive of how it could mirror the success of the Burj Khalifa, and thereby pay for itself. As anyone who has been to Jeddah will tell you, the idea of a Jeddah Mall, with starry-eyed tourists lining up to have their photos taken in front of the world’s tallest tower is not just implausible, it’s laughable.
More than 800 apartments in Damac Properties’ Aykon City development have been sold, the company said in a statement.