iStock/dblight
by Kudakwashe MuzoriwaDubai-based Emaar Properties is selling the observation decks of Burj Khalifa, the world’s tallest skyscraper, in a deal that is expected to raise $1 billion for UAE’s biggest developer amid a real estate downturn, reported Reuters.
The viewing decks, popularly known as ‘At The Top’, is a popular tourist destination in Dubai, which attracted 15.92 million overnight visitors in 2018 and make around AED 600-700 million ($163-$191 million) a year.
Dubai is a regional hub for tourism, foreign trade and business services, but has faced a slowing real estate market for most of the decade. In September 2019, Dubai created the Supreme Committee for Real Estate Planning to regulate projects and avoid competition between semi-government and private firms.
Emaar has been divesting hospitality-related assets to finance existing operations and expansion. The developer hired Standard Chartered earlier this year for the sale of its district cooling business, as well as last year for the disposal of five hospitality assets, which were sold to Abu Dhabi National Hotels.
MOST READ
BUSINESS
COVID-19 poses downside risks to Egyptian banksBUSINESS
Fed rate cuts add pressure on Saudi banksBUSINESS
UAE firms launch Covid-19 economic aid packagesBUSINESS
Saudi Arabia plans to boost oil export to 10...BUSINESS
Aldar to invest AED 2 million in Abu Dhabi...BUSINESS
GCC UHNWIs population to grow by 26 per cent...BUSINESS
ING Groep plans to sell its Turkish unitBUSINESS
Bahrain considers stake sell in oil assetsBUSINESS
SEDCO Capital exits a US real estate investmentBUSINESS
NMC Health hires Moelis for debt restructuringBUSINESS
SABB seeks to boost corporate lendingBUSINESS
Dubai’s W Motors seeks funds to go electricBUSINESS
SHUAA Capital reports a net profit of AED 45...BUSINESS
HSBC considering exiting from TurkeyBUSINESS
Zimbabwe turns to UAE to sell a stake in...
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
