The world’s tallest building, the Burj Dubai, is set to open on Monday, as part of an effort by the sheikdom to get past a recent corporate crisis and strengthen its reputation and attraction as a regional and worldwide hub for business.
Burj Dubai, anchoring a $20 billion development, is set to open amid a gala of fireworks and a curtain of tight security, The Wall Street Journal reported. The opening coincides with the fourth anniversary of Sheik Mohammed bin Rashid Al Maktoum, 60, coming to power in Dubai.
The building, with more than 160 floors, is said to stand more than 2,625 feet (800 meters) high but the developer, Emaar Properties, has not yet said how tall the final structure is, media reports say.
The No. 2 office building in the world: Taipei 101 in Taiwan, which is more than 500 meters high. Burj Dubai is also the world’s tallest structure, exceeding the height of a TV tower in North Dakota, and tallest free-standing structure, taller than the CN Tower in Toronto.
The Website says the building will have 900 residences on floors 19 through 108. The observation deck is on Floor 124. Sky lobbies on Floors 43, 76 and 123 will have fitness facilities, swimming pools and Jacuzzis. It has a hotel designed by Giorgio Armani.
Emaar Properties PSJC, the Middle East’s largest home builder, Thursday posted a fourth-quarter net loss of 1.77 billion United Arab Emirates dirhams ($482 million) because of a U.S. write-down, and the company put new projects in Dubai on hold amid a property slump in the emirate.
Before the write-down, fourth-quarter net profit was 924 million dirhams, compared with a profit of 1.74 billion dirhams a year earlier, the company said in an emailed statement to Zawya Dow Jones.
Full-year profit dropped 54% to 3.06 billion dirhams from 6.58 billion dirhams a year earlier. Revenue declined 10% to 16.02 billion dirhams, Emaar said.
Emaar wrote down 1.77 billion dirhams in goodwill in its John Laing Homes unit amid the financial crisis, and a further 919 million dirhams in properties owned by the company during the quarter. Emaar, which is about 30%-owned by Dubai’s ruling Maktoum family, bought John Laing Homes, one of the largest home builders in the U.S., for $1.05 billion in 2006 in an effort to diversify its business from Middle East real estate.