BUSINESS & JOBS

The highlight of second quarter 2010 was the opening of the world's first Armani Hotel in Burj Khalifa, the world's tallest building. In addition, the handover of units in Burj Khalifa started during the quarter with approximately 24% handed over until June end. In the process of implementing the strategy of concentrating on its core business, Emaar transferred the Hamptons International business in the UK, Europe and Asia to Countrywide at a consideration, which was similar to the purchase value of the business (in Sterling terms) it acquired in 2006.

Dubai’s economy passed important milestones yesterday as the Dubai World conglomerate presented its final debt restructuring plan to bankers while the emirate’s largest developer posted a big rise in quarterly profits. After more than a year of subdued property sales, Emaar Properties posted a net profit of Dh802 million (US$218.3m) for the second quarter after a loss of Dh1.2 billion in the same period last year. Profits also rose 6 per cent from the first quarter this year as homes were delivered in Burj Khalifa, the tallest tower in the world.

Emaar Properties, the developer behind the Burj Khalifa, the world's tallest building, reported second quarter sales of AED 2.6 billion (US$ 722 million), up +37% on the AED 1.9 billion (US$ 528 million) recorded for the same period last year. Pre-tax profits for the quarter rose to AED 896 million (US$ 244 million) up from AED 390000 (US$ 106000) 12 months ago.

The Chicago-based architecture firm Skidmore, Owings and Merrill was recognised for its work on the Burj Khalifa, which was opened this year. The world’s tallest building, it stands 828 metres high. Construction on the skyscraper started in 2004 and was completed in October 2009.

Al Shaer praised the efforts of the corporate sponsors and their support for the course that have effectively contributed to its success and effectiveness, and these supporters included Burj Khalifa, Dubai Aquarium, Kidzania, Knowledge and Human Development Authority, Roads and Transport Authority, and Modern Bakery

It was billed to be the ‘Burj Effect.’ Today, some 180 days after the opening of Burj Khalifa, the world’s tallest building, there is a renewed sense of optimism that commercial establishments lining Sheikh Zayed Road in Dubai are poised for a revival of fortunes.

The Burj Khalifa, which Oates used as an example, will have many owners of apartments, office suites, and the Armani Hotel and Armani Residences. How can they manage to agree on the level of service to be maintained?

BP's decision to try to publish an interim version of the Bly report to coincide with its second-quarter results on July 27 is part of a six-point plan the company's board has adopted to handle the crisis engulfing the oil giant.

Weak land sales and deliveries will weigh on Abu Dhabi developers' second-quarter earnings, while handovers are expected to boost figures for Dubai's Emaar , builder of Burj Khalifa, the world's tallest tower.

Given that he’s talking from a stylish ballroom in the first ever Armani Hotel, within the Burj Khalifa — the tallest and one of the most talked about buildings in the world — it’s hard to argue.