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Opening of Burj Dubai delayed 'to December'
Source: Agencies |
July 14, 2009, Tuesday
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Print Edition
Print Edition
THE Middle Eastern developer Emaar Properties building the world's tallest skyscraper has vowed to complete the tower by the end of the year, though the exact date remains uncertain.
Abu Dhabi's The National newspaper, citing conversations with two unnamed contractors, reported yesterday that much work remains to be completed and that the opening of the 800-meter-plus Burj Dubai, in Arabic meaning "Dubai Tower," would be delayed until December.
Emaar previously said Burj Dubai would open in September. That deadline now appears in doubt, as parts of its facade still appear incomplete.
Completing the spindly structure would give Emaar Properties and its hometown Dubai a significant public relations boost at a time when both are reeling from a severe property slump exacerbated by the global recession.
Emaar Properties said in a brief statement that the shiny metal and glass Burj Dubai "is scheduled to open this year."
"More details on the official launch will be provided in due course," it said.
The developer has kept many details of the project secret, including its final height. Little is known about the amount of work still needed to outfit the building's approximately 160 floors.
Emaar's profits and share price have taken a beating from falling property prices in Dubai and elsewhere.
The company's stock price fell nearly 6 percent to finish at 2.28 dirhams (62 US cents) on the Dubai Financial Market following the reports of a possible delay to its signature project.
The developer last week shut an office overseeing US$20 billion worth of real estate projects in Algeria, citing "a lack of progress which is beyond the company's control."
In February, the company's John Laing Homes division in the United States filed for bankruptcy protection, citing weakening demand for new homes. A month later, Emaar said it would run its Indonesian operations from its Dubai headquarters rather than the capital, Jakarta.
The developer last year pushed back the opening date of a shopping center near the Burj Dubai just a day before it was due to open.
Emaar is also trying to engineer a merger with three property companies owned by Dubai's ruler.
Abu Dhabi's The National newspaper, citing conversations with two unnamed contractors, reported yesterday that much work remains to be completed and that the opening of the 800-meter-plus Burj Dubai, in Arabic meaning "Dubai Tower," would be delayed until December.
Emaar previously said Burj Dubai would open in September. That deadline now appears in doubt, as parts of its facade still appear incomplete.
Completing the spindly structure would give Emaar Properties and its hometown Dubai a significant public relations boost at a time when both are reeling from a severe property slump exacerbated by the global recession.
Emaar Properties said in a brief statement that the shiny metal and glass Burj Dubai "is scheduled to open this year."
"More details on the official launch will be provided in due course," it said.
The developer has kept many details of the project secret, including its final height. Little is known about the amount of work still needed to outfit the building's approximately 160 floors.
Emaar's profits and share price have taken a beating from falling property prices in Dubai and elsewhere.
The company's stock price fell nearly 6 percent to finish at 2.28 dirhams (62 US cents) on the Dubai Financial Market following the reports of a possible delay to its signature project.
The developer last week shut an office overseeing US$20 billion worth of real estate projects in Algeria, citing "a lack of progress which is beyond the company's control."
In February, the company's John Laing Homes division in the United States filed for bankruptcy protection, citing weakening demand for new homes. A month later, Emaar said it would run its Indonesian operations from its Dubai headquarters rather than the capital, Jakarta.
The developer last year pushed back the opening date of a shopping center near the Burj Dubai just a day before it was due to open.
Emaar is also trying to engineer a merger with three property companies owned by Dubai's ruler.
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