BUSINESS & JOBS

The mood is grim at the Address Hotel in Downtown Dubai. Overlooking the iconic Burj Khalifa, the hotel has become a vantage point for viewing the spectacular dancing fountain that comes to life several times a day. But as we wait for the arrival of two of the UAE’s most senior government leaders, smiles are hard to come by and the music from the fountains is being drowned out by talk of a second global recession.

Jesse Downs, director of research and advisory services at Landmark Advisory says, "Lower-limit rents for high-end units in Downtown Burj have increased by 13 per cent." Meanwhile Landmark's latest report found that prices for one- and two-bedroom units in the Downtown Burj area increased by about 5 per cent (lower limit) between July and December.

In reputation and marketability, Adrian Smith is Chicago's tallest architect. At age 65, Smith has reached a stature where he has nothing left to prove and little to fear. Yet, he's afraid that part of his legacy is being lost.

Although Ramadan is often considered a slowdown period for the property sector, Dubai’s property transactions reached Dh2.2 billion in August, slightly higher than the same period last year, Dubai Land Department data reveals. Dubai Marina topped the chart of areas with maximum number of transactions, while Burj Khalifa area topped the list in value terms.

Dubai’s office sector witnessed big-ticket deals in 2012 with a 542 square metre office in Al Sahaa tower in Downtown Dubai selling for Dh18.44 million, the biggest commercial deal registered last year. According to information provided by Reidin.com to Emirates 24/7, four of the top 10 commercial transactions took place in the Business Bay district, three each were in Downtown Dubai and Jumeirah Lakes Towers (JLT), respectively.

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.

World Travel Awards is set to kick off their 2011 Grand Tour with the Middle East Gala Ceremony, taking place at Armani Hotel Dubai on 2nd May. Hailed as the ‘Oscars of the travel industry’ by the Wall Street Journal, more than 400 senior industry figures from the region’s leading travel and tourism companies, as well as a host of international media, will be in attendance.

A new contemporary art space, The Pavilion Downtown Dubai, is set to open on Thursday February 24. The non-commercial space aims to provide a place to view, discuss and participate in work by local and international artists. The building hosts two gallery spaces. It was formerly a sales office and is situated in Downtown Dubai, opposite the Burj Khalifa.

Emaar Properties posted quarterly earnings of 421 million dirhams ($114.7 million) Sunday, down from 760 million ($207.1 million) in the same period a year earlier. Emaar is the developer of the more than half-mile high Burj Khalifa. It also runs Dubai Mall, the biggest shopping center in the Middle East.

The storm has somewhat subsided — although the media still appears to enjoy putting the boot in whenever it sees the opportunity, as shown by a recent article in The Times which insisted that the opening of Burj Khalifa was an example of how, according to the headline,