iStock/dblightby Kudakwashe Muzoriwa
Dubai-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.