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.
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".
Saudi Arabia will help China build a $1.3bn luxury hotel modelled on Dubai’s Burj Khalifa, according to newspaper reports from Beijing. The People’s Daily Online quoted a senior official as saying that graphics and planning of the ‘seven-star’ hotel had already been completed. The announcement was made at a press conference on Wednesday.
Missoni Kuwait is the latest in a growing list of Gulf hotels designed by top Italian fashion labels. The first Armani hotel opened in Dubai in 2010 and will be followed by the launch of the Palazzo Versace hotel later this year. Elisabetta Gucci, the great-granddaughter of the founder of the fashion label, last year said Dubai would be the setting for the first of up to 40 Gucci branded hotels.
“Even if events remain fluid and the impact on the property sector is difficult to gauge at this stage, we believe the Egyptian real-estate market is likely to remain uncertain for some time,” analysts Nabil Ahmed and Athmane Benzerroug said in a note to clients dated on Thursday.
Room prices at Dubai’s Armani Hotel, which occupies the first six floors of the Burj Khalifa, are trading at 40 percent down from the published rates at launch, Arabian Business can reveal. Seven months after its opening, a standard room at the 160-room Armani hotel will now set back guests AED2,400 ($653) compared to a rate card price of AED4,000 at the end of April.
The world's tallest building, Burj Khalifa, is scheduled to unlock its doors in early 2010 as the centrepiece of the Downtown Burj Khalifa area. This will include the world's first Armani Hotel, designed, featuring 160 guestrooms and suites, an Armani Spa, a private members' club, two gourmet restaurants and a nightclub. It will also boast 144 exquisite Armani Residences all furnished in the designer's ‘homes' brand, Armani Casa.
Italian design house Armani Group has denied it is planning to open a third branded hotel in Russia, under a joint venture deal with Dubai’s Emaar Properties. The design company, which launched its first branded hotel in Dubai’s Burj Khalifa in April last year, spoke out after press reports claimed it had signed a $150m deal to open a property in the Russian resort of Stavropol.
Right at the start of 2010, with much fanfare and fireworks, the world's tallest man-made structure was officially opened. The Burj Khalifa was one of the most anticipated, watched and reported on construction projects of all time and its opening is also ranked as the best moment so far, in the tenure of Hyder Consulting's regional managing director Wael Allan.