BUSINESS & JOBS

Liz O'Connor, director of residential sales and leasing at Better Homes said that she has seen some distressed sales entering the market, especially as the final payments on properties becomes due. “There are some distress sales in the market… We have seen secondary Burj Khalifa properties coming on line; for many owners the final installment is due to be paid shortly which is promoting some to sell,” said O’Connor.

A former employee of a hotel in the world's tallest building yesterday admitted peddling stolen goods for Dh300,000 in cash. A Dh53,000 Rolex watch swiped from the Armani Hotel in the Burj Khalifa led to the discovery of the money in the home of the South African waiter.

Emaar Properties said Tuesday it earned 250 million dirhams ($68.1 million) from April through June, compared with the 802 million dirhams booked in the same period a year earlier. This year’s figure includes a 172 million dirham charge to cover Emaar’s 30 percent stake in Dubai Bank.

In case you weren’t in Dubai last month and you missed Emaar Properties’ announcement that their ‘obelisk’ Burj Khalifa, (the tallest building in the world), has reached completion, we thought we’d tell you all about the party that they threw in celebration! But is Dubai back from the brink with the launch of this tower? Well, one thing is certain, Dubai certainly isn’t going down without a fight!

Emaar Properties, the builder of the world’s tallest skyscraper, rose to a five-year high as investors bet Dubai-based developers will benefit from economic growth in the emirate.

Saxo Bank (Dubai) Limited, the trading and investment specialist, is the platinum sponsor for one of the region's most noted business forums - the 3rd Arabian Business Conference 2010 - to be held at The Armani Hotel, Burj Khalifa on 29 November 2010.

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 May 2. World Travel Awards is preparing to show the strength of its support for the recovery of the regional tourism sector with its fifth consecutive annual gala in the region.

Dubai World's total debt, including liabilities, is around 60 billion dollars. Dubai's total debt is estimated at between 80 and 100 billion dollars, although some analysts say it could be as high as 170 billion.

BP's decision to try to publish an interim version of the Bly report to coincide with its second-quarter results on July 27 is part of a six-point plan the company's board has adopted to handle the crisis engulfing the oil giant.

Nominations for the prestigious Arabian Business Achievement Awards have opened, with the winners to be announced at a glittering ceremony on November 30th at Dubai’s Armani Hotel. This year’s awards will span 15 categories, including technology, media, retail and the sought after titles of Businessman and Businesswoman of the Year.