Burj Dubai opening to boost 2010 results: Emaar
Dubai, January 4, 2010
Dubai's Emaar Properties said on Monday the final cost of Burj Dubai, the world's tallest tower stood at $1.5 billion, with 90 per cent of the building already sold, and that it would benefit 2010 results.
Chairman Mohamed Alabbar, who held a media briefing on Monday for the opening of the skyscraper, said the Burj Dubai opening would have a positive impact on the first three quarters of 2010.
Started at the height of the economic boom and built by some 12,000 labourers, the world's tallest building opens today evening in Dubai as the once-booming emirate seeks to revive optimism during its financial crisis.
Arab world's largest listed developer, Emaar said it will focus on international projects where it was already present, adding that the emirate's property prices have stabilised.
Issam Galadari, chief executive of Emaar Dubai, told a press briefing for the launch of the world's tallest tower, that the company would also look at developing subsidiaries such as hospitality and hospitals. 'They create a lot of revenue for Emaar,' Galadari added.-Reuters