Emirates NBD, the largest banking group in the Middle East in terms of assets, announced today the opening of its newest branch at The Residences, a cluster of nine high-rise towers in Downtown Dubai, adjacent to The Dubai Mall and Burj Khalifa, the recently inaugurated world’s tallest tower. The second Emirates NBD branch to open this year complements the bank’s existing network of 110 branches and 650 ATMs, the largest such network in the UAE.
When the 818-metre Burj Khalifa tower, the world’s tallest building, opened for occupancy with lots of fanfare on January 4, it was proclaimed to be a crowning achievement of the emirate of Dubai, with its bold plans to establish itself as a regional trade and services hub. The $4 billion tower included an Armani hotel, an observation deck, homes, offices and more, and was nothing less than “a symbol of Dubai’s can-do spirit,” according to the building’s owner, state-owned Emaar Properties.
The first keynote presentation was given by Mr. Ahmad Abderazaq, the Executive Vice President and Head of High-rise and Complex Building Division at Samsung C&T Corporation, who was involved since the early stages of the design of the Burj Khalifa during his tenure at Skidmore Owings & Merrill, a civil engineering consulting firm in Chicago, as well as during the construction of the Burj. Mr. Abderazaq shared his experience with regard to the construction and operation of the skyscraper.
Dubai property owners are caught in the twin-grip of declining rentals and unsustainably high service fees being charged by developers, pushing their return on real estate investment further down. Maintenance fees at some locations, including for Downtown Dubai and the Burj Khalifa tower in particular, are as high as 45 per cent of the annual rentals, further adding to the woes of investors who have seen valuations of some of their properties decline by almost 50 per cent over the past couple of years.
Visitors to the world's tallest tower can now take home their own pressed penny souvenir. Penny Press Factory a UK manufacturer of the world's most modern and dynamic looking penny press souvenir machines has installed a penny press on the 124th floor of the Burj Khalifa. Visitors to At The Top can make their own souvenir in the penny press machine after taking in the glorious views of Dubai.
PwC, the leading international professional services organisation, has relocated its Dubai staff to bigger, more spacious offices in Emaar Square, Downtown Dubai. The customised space of over 50,000 square feet was chosen to accommodate PwC's growing multinational staff in support of its ambitious growth plans, particularly on the UAE, to meet the needs of the market. PwC currently has nearly 600 people based in Dubai, representing 45 nationalities, plus almost 200 people based in Abu Dhabi and 15 in Sharjah.
Lifestyle's corporate team considered a range of store sites within Dubai Mall. The store site was finally selected after careful studies on customer flow, number of entrances to the mall and proximity to mall attractions, such as the fountains and aquarium.
Nearly 40 investors have registered to take part in an auction to buy an entire corporate floor in the Burj Khalifa, the world’s tallest tower, the online auctioneers have told Arabian Business. US-based LFC Group of Companies, which is handling the sale via the Freedom Realty Exchange, said it expects to see a spike in registrations in the weeks leading up to the auction.
EMKE group founder Yusuffali M. A. won the coveted “lifetime achievement Award” at the inaugural Indian CEO Awards held at Dubai’s Armani Hotel. The retail giant was one of 16 leaders honored in the first-ever event to recognize the achievements on Indian business leaders.