Emaar Properties is about to sell the observation decks of the world’s tallest skyscraper— the Burj Khalifa, Reuters reported. It can boost Dubai’s biggest developer with $1 billion amid an economic decline.
Emaar, in which the Dubai government has a minority stake of 29.2 per cent, had sought its advice. Standard Chartered refused to comment.
The Burj Khalifa, at 828 metres, is twice as tall as New York’s Empire State Building and nearly thrice the height of the Eiffel Tower in Paris and above four times that of India’s newly made statue of Sardar Vallabhbhai Patel.
Pulling in 15.92 million overnight visitors in the year 2018, most-sought tourist destination in Dubai— At The Top had set a precedent. “The viewing decks,” sources told Reuters “make about 600-700 million dirhams ($163-$191 million) a year.”
The sale process started in November this year is an outcome of a decade long real estate market downturn despite the country being tourism hub, foreign trade and business services.
Though the Arab Spring to overturn the governments in several countries in the Middle East, Dubai has seen less protests. But its economy since a decade is in peril.
The city has powerful infrastructure and is located three hours from London and four hours from Hong Kong. Britain without stable government for a few years now, and Hong Kong being at unrest have affected the city’a economy and its real estate market.