Emaar Hospitality Group, the hospitality & leisure subsidiary of global property developer Emaar Properties PJSC, won six awards at the World Travel Awards 2010 with Emaar Hospitality being voted as the ‘Middle East’s Leading Tourism Property Development Company,’ and The Address Hotels + Resorts winning awards for all its properties in Dubai.
Interiors provider links up with Northern Ireland-based Mivan Gureni Lukwaro Depa, the interiors company that fitted out the world's tallest tower, Burj Khalifa in Dubai, has won four new contracts worth Dh100 million (US$27.2m). The Dubai company said its joint venture with Mivan, based in Northern Ireland, had won three orders in the UAE and one in Yemen. The largest of them is a 12-month project worth Dh60m for the Cleveland Clinic Abu Dhabi, which is scheduled to open in late 2012.
Construction companies that aggressively moved to diversify into other countries during the downturn in Dubai property have seen their shares sold heavily due to the political turmoil in the Mena region. Egypt has become a key market for several UAE builders. Emaar, best known for constructing the Burj Khalifa - the world's tallest building - in Dubai, now has projects valued at Dh4.2 billion (US$1.14bn) in Egypt, about 15 per cent of its book value.
Dubai , which attracted the world's attention recently with the inauguration of Burj Khalifa; the world's tallest skyscraper, has always been a prime destination for foreign investment. The Dubai government has been consistent in reviewing and aligning regulatory framework to cater to new challenges in maintaining its leading position as a major commercial, industrial and trading hub in the region.
Dubai World is prepared to sell prized assets including previously ringfenced ports firm DP World in a bid to raise as much as $19.4 billion to repay creditors, a document obtained by Reuters showed. The document, presented on July 22 to creditors at Dubai's lavish Atlantis Hotel, also revealed that the state-owned conglomerate's debt stood at $39.9 billion
You make the point that it was defined, this decade in architecture, it was defined on the vertical access by the World Trade Center's coming down and this enormous tower -- the Burj of Dubai, the Burj Khalifa, I guess now properly -- over in Dubai. And also on the horizontal by the devastation of Katrina. I mean, it goes all ways. We've had economic booms and busts in the past decade. We've had floods and terrorist attacks. We have had creation and destruction in all of their extremes. Those forces are reflected by the buildings around us.
The real estate market in Dubai may be still be in bumpy territory, but for the super-rich, the recession probably regarded as an unfortunate event that happened to someone else. Earlier this month, Arabian Business revealed that apartment sellers in the Burj Khalifa Armani Residences have listed a number of two-bedroom units with asking prices of AED30m ($8.1m) each.
Back in the good old days, it was enough for a billionaire designer at the top of his or her game to own a super-yacht, a private island, a Manhattan penthouse, a Tuscan villa and a chalet in Gstaad.
The Saif Belhasa Group has pared back its retail expansion plans and postponed its initial public offering (IPO) due to economic uncertainty, said its chairman. The group expanded into food retail in part to cash in on the Dubai Mall, one of the largest shopping centres in the world, at the foot of the Burj Khalifa,Mr Belhasa said.