The airline is improving transparency, governance and its balance sheet to be ready to go public if ADQ decides to do so
aviation2 hours ago
Nakheel PJSC, a state-owned company that’s considering an initial public offering, will resume work on the building in 12 months, according to an e-mailed statement on Wednesday.
The tower, comprising office space and homes, will have a height of 1 kilometre (3,280 feet).
“The foundation works are likely to take approximately three years to complete,” Nakheel said in the statement.
The company didn’t give a reason for the delay. Construction companies across the
Nakheel has $30 billion of projects under way, including islands in the shape of a world map off the coast, and has already said that some of the building work will take longer than planned.
“The project was at an early stage, so it’s not difficult to put on hold,” said Sana Kapadia, an analyst at EFG-Hermes Holding SAE in
“Even 12 months may be too short a delay.”
The Burj Dubai tower, being built by Emaar Properties PJSC, currently has a height of about 780 metres (2,559
feet).
Emaar hasn’t said how tall the completed tower will be.
The emirate may be the most vulnerable place in the Gulf as crude oil and real-estate prices decline, Citigroup Inc. said on November 18.
Dhabi to fund a surge in borrowing, according to Moody’s Investors Service.
Amlak Finance PJSC and Tamweel PJSC, the United Arab Emirate’s two biggest mortgage lenders, were merged with two Abu Dhabi-based banks in November as part of a consolidation plan, after the seizure of global credit markets shut their access to new funds.
Nakheel plans to cut its workforce by 15 per cent as the company scales back projects, according to an announcement in November.
In October, the investment company controlled by Saudi billionaire Prince Alwaleed bin Talal announced its own plan to build a 1 kilometre building, in the
The airline is improving transparency, governance and its balance sheet to be ready to go public if ADQ decides to do so
aviation2 hours ago
This strike follows the union’s recent gains with legal protections against artificial intelligence
entertainment2 hours ago
The violations include using mobile phones while driving, and failure to wear seatbelts
transport2 hours ago
Hundreds of thousands of people have been displaced since the latest round of fighting began Monday, officials said, some crossing the border to Syria to flee Israeli bombing
world2 hours ago
Dubai, Abu Dhabi, and Sharjah are among the top 10 startup ecosystems in the region
business3 hours ago
Analysts expect the rally in the yellow metal to continue in the coming months
markets3 hours ago
The President reiterated that the youth of the UAE are its real wealth
uae4 hours ago
The injured personnel have received the necessary medical care
uae4 hours ago