Posted Oct 21, 2004, 1:35 AM
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Supertall
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Join Date: Feb 2004
Location: Blacksburg, Virginia/ Abu Dhabi/ Dubai
Posts: 270
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Here is the article
Burj to boost Dubai: Mohammed
General Shaikh Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence, said the Dh10 billion Burj Dubai project due to be completed in about three years was highly feasible, and that the new landmark would set the emirate firmly into positioning itself as a major international business and tourism hub.
"Such a project must be feasible," he told journalists last evening as he toured the Burj Dubai site. "It is a public shareholder company, and the investors are savvy enough to realise the potential of this project."
He noted the project is attracting considerable investor interest.
Shaikh Mohammad said as he witnessed the pouring of cement for the Burj Dubai, that he valued the vision of President His Highness Shaikh Zayed Bin Sultan Al Nahyan in supporting projects that would keep the country's eyes fixed on future prosperity for its citizens and residents alike. "We have accomplished only 10 per cent of the projects we intend to accomplish," he added. Mohammad Alabbar, chairman of Emaar Properties, which is building the project, said Burj Dubai, which will be the world's tallest building, will include the tower, a huge shopping mall and a Heritage City. "The tower and the mall will cost more than Dh7 billion, and the Heritage City more than Dh2 billion."
He said that a feasibility study projected an annualised 15 per cent rate of return on total investment. Alabbar revealed there was high demand from international and local business leaders for the prime property which will be built in central Dubai.
Demand is particularly heavy from Europe and East Asia. "At present, the tower is designed to be around 800 metres tall, but we can always push that up to 950 metres," he noted.
He said 50 per cent of the project will be offered to international firms, while the balance will be marketed locally. "The architecture is given to DP Company from Singapore," he added.
Alabbar said this was a momentous day for Dubai. "With its scale and magnitude, the Burj Dubai is set to change the face of the city forever. For Emaar, it represents the next stage of growth, and will be the base for our developments that will follow."
The pouring of the cement for Burj Dubai yesterday ends the first phase of the construction and marks the beginning of the next defining stage that will see the structure begin to rise over the Dubai skyline.
Chicago-based Skidmore, Owings & Merrill (SOM) are the architects and Turner International, the project and construction managers.
(Courtesy Gulf News, Dated: 21st Sep 2004)
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