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‘Dubai needs another tall building’
Builder of Burj Khalifa hints at building something taller...
May 2, 2013 10:13 by Reuters
The Dubai builder of the world’s highest tower, the Burj Khalifa, hinted it might develop an even taller skyscraper and two conglomerates outlined grandiose real estate plans, underscoring recovery in the emirate’s bombed-out property sector.
The plans would have appeared fanciful three years ago, when a crash in the inflated real estate market triggered a corporate debt crisis and a slew of company restructurings. But Dubai, home to an archipelago of man-made islands and an indoor ski slope in one of its shopping malls, staged a dramatic economic recovery last year, partly because of a tourism boom.
Tourist arrivals grew 10 percent and hotel revenue rose 19 percent in the first half of 2012. Some state-linked companies have been working through their debt loads while some property prices have started to rebound.
“Maybe we will try to build something a little taller,” said Mohamed Alabbar, the chairman of Dubai’s largest developer Emaar Properties, which built the 828-metre Burj Khalifa.
The tower, which dominates Dubai’s spectacular high-rise skyline, was opened in 2010 but is set to be overshadowed by the 1,000-metre Kingdom tower under construction in the Saudi city of Jeddah.
“Dubai needs another tall building. Dubai is only about 30 years old. So we have a lot of time and lot of investment left,” Alabbar told journalists at a conference.
Meydan Group and the Sobha Group, two Dubai conglomerates, separately announced a joint venture to develop a major leisure, retail and residential complex near the city’s downtown area.
The complex will include a 350,000 square metres water park, a 7-km lagoon, retail spaces, leisure and sports attractions as well as 1,500 villas.
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