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Slow handovers said to weigh down Emaar
Blame it on the Burj. The slow delivery of homes in Dubai’s Burj Khalifa, the tallest tower in the world, was the main drag on Emaar Properties’s profits for the second quarter. The Dubai developer’s share price fell 3.56 per cent yesterday to Dh3.25 as investors responded to news that its net profit for the quarter came in at Dh802 million, as opposed to the Dh958m forecast by analysts.
Outlook brightens for Dubai
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.
Designer Italian dining à la mode
The decor and mood at the Armani Ristorante is a blend of conservatism and luxury; muted shades of beige and taupe are enlivened by tasteful flickers of glistening gold, from the stylish cutlery or the rim of a delicate china plate.
UAE hotels offer hot summer promotions to tempt ’staycationers’
Recent high-profile additions to the hotel scene in Dubai include The Address Dubai Marina, The Armani Dubai in Burj Khalifa and a Sofitel in The Walk at Jumeirah Beach Residence. Furthermore, mainstream hotel chains such as Holiday Inn and Ibis have recently opened locations across the country.
Gucci threat will not stop hotel
Elisabetta Gucci is determined to plough ahead with her first hotel in Dubai within the next nine months, despite legal action being taken against the daughter of the late Paolo Gucci by the famous fashion house.
Gucci hotel called fashion faux pas
Elisabetta Gucci may be the daughter of the late fashion mogul Paolo Gucci and the great-granddaughter of the founder of the company, but the prospective launch of her eponymous hotel in Dubai has reignited a long-running feud between the family and the global fashion house of the same name.
Dubai World looks to round up its flock of creditors
Dubai World managed to put together a proposal by the end of March and got agreement on it from the seven banks that make up 60 per cent of the lending last month. That’s good progress, given the size of the debts and the number of banks involved.
Would you rather have photographs or experiences?
The view of Dubai and the surrounding area from the Burj Khalifa’s 124th floor gives much to contemplate: the vast, multi-hued desert not far from the spectacular buildings, the deceiving serenity of the sea, the incredible development of the city and the wonders of modern engineering and architecture.
Besix wins $265m deal for causeway
Besix, one of the companies that built Burj Khalifa, the world’s tallest tower, has been awarded a US$265 million (Dh973.3m) contract to build Bahrain’s North Manama Causeway.
More luxury to come at Mall of the Emirates
Shoppers at Mall of the Emirates will have 40 more luxury stores to peruse from September 1 when it opens a 10,500 square metre extension. Mall of the Emirates has 466 stores across 220,000 sq metres, as well as Ski Dubai, the Middle East’s first indoor ski resort and snow park.
