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Nakheel bests Emaar’s Burj Dubai with 1,200m tower

April 6, 2008 10:00 by

Nakheel bests Emaar’s Burj Dubai with 1,200m tower
Nakheel is to build a tower 1,200 metres high, nicknamed ‘Tall Tower’, comfortably surpassing the Burj Dubai as the tallest building in the world. Arabian Business says it was tipped the wink by a source at Australian architects Woods Bagot. Nakheel has refused to comment.

Woods Bagot was recently awarded a contract for the project. ‘Tall Tower’ is to be located on the Arabian Canal, a $61 billion project being developed by Limitless. Both Limitless and Nakheel are part of state-owned conglomerate Dubai World.

Emaar’s Burj Dubai is expected to be up to 900 meters once complete in early 2009.

Kuwait sinks $800m on credit card spree
Kuwait Investment Authority (KIA), which manages the oil producer’s surplus wealth, bought almost $800 million of shares in the initial public offering of credit card firm Visa. Al-Qabas newspaper said the KIA bought more than 18 million shares at $44 each, given it a stake of at least 4 percent. Shares of Visa last traded at $64.48 on Friday.

Visa, the world’s largest credit card company, said in March it raised $17.9 billion in the biggest-ever US IPO.

The KIA, which manages about $225 billion of assets, is interested in investing in financial services and real estate companies in the US and Europe to benefit from lower asset prices. Qabas said in March the KIA was considering investing in the Visa IPO.

Unwanted gift: Beckham hands in-laws $16m Palm home
David Beckham has given his $16 million mansion on Dubai’s Palm Jumeirah to the parents of his pop singer wife Victoria. British weekly tabloid News of the World said with Beckham now living in Los Angeles he was unlikely to be visiting Dubai.

The house, which Nakheel claims the Beckhams bought in 2002 for $1.6 million, has rocketed in value by ten times due to Dubai’s rise as a world-class tourism destination.

The newspaper also added that though David and Posh would still own the mansion, Tony, 61, and Jackie, 59, can decorate the house according to their own taste and spend as much time as they want there.

Liberalisation adds 50% more radio (less impact on quality)
The number of FM radio stations in the 18 Arab countries grew by 49.76 per cent to 316 at the end of February compared with 211 stations during the same period last year, according to a report by the Arab Advisors Group.

Gulf News said Algeria and the UAE have the highest number of local government-owned FM stations while Palestine, Iraq and Lebanon have the highest number of private radio stations. There are 157 state-owned radio stations, 150 private FM radio stations and nine regional radio stations that broadcast in multiple countries in the 18 countries covered by the report.

Libya and Oman had private FM radio stations broadcasting for the first time in 2007. Private stations did not exist in Kuwait and Bahrain until 2006.

Millennium plans 19 hotels as returns stack up
Millennium Hotels Middle East has plans to build 19 new hotels in the UAE over the next three years, with total cost between $2.5 billion and $3.75bn, its CEO told Emirates Business. Speaking on the sidelines of the opening of Millennium’s Kingsgate Hotel in the Al Nadi Al Seyahi area of Abu Dhabi, Ali H Lakhraim, President and CEO of Millennium Hotels Middle East, said the return on the hospitality sector in Abu Dhabi is bigger than any other sector. The addition of the new projects will bring the firm’s holdings in the country up to 25 hotels.

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