The Saudi Royal family has unveiled plans to start construction of the world’s tallest skyscraper. The Kingdom Tower will measure 1.6km high, making it twice the height of the current world’s tallest building, the Burj Khalifa in Dubai. The mixed-use development will cost £12bn and consist of hotels, offices, luxury apartments and a shopping centre.
Amit Arora, Vice President Sales and Marketing, Emaar Hospitality Group
Emaar Properties has handed part of subsidiary Hamptons International to UK estate agency Countrywide in a move designed to free the developer to focus on the Middle East and North Africa. Emaar did not specify if it had sold the operations of Hamptons to Countrywide and did not give a value for the deal.
The design and build team behind the world’s tallest building, Dubai’s Burj Khalifa, is aiming to secure new contacts to build a 1,100m-high superscraper in Saudi Arabi.
Dubai has opened the world’s tallest building, renaming it the Burj Khalifa in honour and gratitude of the United Arab Emirates president Sheikh Khalifa bin Zayed al-Nahyan. Plans have also been announced to open the world’s first Armani Hotel, which is located inside the tower, to the public in March.
Dubai’s stock markets have soared today following news that Emaar was scrapping a merger with three other state-owned real estate groups, in a move that distances it from fears of growing toxic debt within government-owned companies.
Emaar Properties, the Dubai-based property developer, has marked its entry to Algeria with four mixed-use projects of development value $20 billion including resorts and spas.