ArabianBusiness.com

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.

Dubai officials plan to introduce a gold coin – with the face of the UAE President on one side and the Burj Khalifa on the other – as legal tender. If approved, it will be the first of its kind in the Middle East, the Khaleej Times reports on Thursday.

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.

“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.

More than $6bn worth of hotel projects are due for completion in the Middle East by 2013 but greater emphasis is being put on sustainability, an industry expert said on Sunday. The Hotel Show will place at the Dubai World Trade Centre on May 17-19, with 400 exhibitors representing 25 countries.

The 64 million sq ft Business Bay is set to become home to about 191,000 people across 240 towers when completed. “The location they are in right now gave them such a favourable rate it is actually cheaper to rent than to fit out a new office so we said we will wait for a couple of years,” Lufti said.

It was a dream-come-true for Meera, who suffers from Thalassemia but has a wishlist. Floating in like a princess, the five-year-old from Kalba had a day she, and all around her, would remember forever when she walked into Burj Khalia – the world’s tallest tower. Treated like a true princess from her favourite fairy tale, Meera could fulfill her wish thanks to Make A Wish Foundation that takes care of children like her.

Emaar Properties PJSC plans to sell as much as $2bn of Islamic bonds, its first in more than six years, as the developer of the world’s tallest tower in Dubai taps appetite for higher-yielding assets.

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.”

It added that the total hotel supply increased to around 46,000 rooms as of Q2 2010, up eight percent since the end of 2009, following the completion of projects including the Armani Hotel and the Sofitel and Movenpick hotel on Jumeirah Beach.