The Burj Dubai looks set to remain the world's tallest tower for at least five years.
The global credit crisis has deterred lenders from financing commercially risky buildings that have an 80-year history of losing money dating back to New York's Empire State Building.
At least three other towers looked set at the start of the year to rival the 800 metre-plus building that opens tomorrow and forms the centrepiece of the US$20 billion (Dh73.46bn) Downtown Burj Dubai development.
One of them was to have been located on a site just a few kilometres away and was intended to be the next big project by Nakheel, part of the Dubai World conglomerate that is seeking to restructure about $22bn of debt.
But now the planned Kingdom Tower in Saudi Arabia looks to be the most likely rival to the Burj, the Council on Tall Buildings and Urban Habitat has said.
"At this moment, the Kingdom Tower seems indeed to be the most serious contender for that title, but planning a next world tallest and actually completing one can be quite a difference," said Jan Klerks, the council's research manager. "Even if someone would start constructing today it will take another five years at least."
Emaar Properties, the developer of the Burj Dubai, could help to break its own record as it is expected to provide services for the planned 100 billion riyal (Dh97.92bn) project being developed by Kingdom Holding, the investment company controlled by Prince Alwaleed bin Talal, one of the world's richest men.
The deal is yet to be confirmed after Mohamed Alabbar, Emaar's chairman, said last June it was dependent on the conclusion of a number of contractual agreements. The tower is planned for the western Saudi city of Jeddah.
The Burj Dubai forms the centrepiece of one of the largest urban developments ever undertaken in the Middle East.
The tower itself will include more than 1,000 apartments and 57 elevators transporting people up and down in record time. At the peak of construction, more than 12,000 workers and contractors were on the site every day.
The total weight of aluminium used on the Burj Dubai is equivalent to that of five A380 superjumbo aircraft, while 24,348 panels were used to build its exterior walls. There is enough glass in the building to cover 14 football pitches.
It may be a long time before construction on such a grand scale is witnessed in the UAE. The opening of the tower is likely to signal the end of the trend of super-tall construction in Dubai, where scores of new towers have been built in the past decade.
"I'd be surprised if you see any new launches in 2010 - I think there's still plenty of supply that needs to come on and be absorbed in the marketplace," said Ali Khan, a director at Arqaam Capital in Dubai. "That supply will have to be digested before anyone will launch or find funding.
"You will have to see the demand and supply equation fully balance itself out before looking for funding. If a developer feels there's an opportunity to launch a project, then they are likely to have seen opportunities to fund the project as well."
Craig Plumb, the head of research for the MENA region at the property consultancy Jones Lang LaSalle, said the opening of the Burj Dubai marked the "end of an era" in the construction of tall buildings, not just locally but globally.
"It's safe to say that it will be the tallest for some time to come," he said. "I think over the next few years we're going to see more modesty and efficiency and less extravagance.
"It's been known for some time that tall towers aren't the most profitable. For Dubai, it was a desire to put itself on the map. Going forward, financial sense will take over, making it more efficient to build 10 small buildings rather than one tall one."
@Email:scronin@thenational.ae
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
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NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
How green is the expo nursery?
Some 400,000 shrubs and 13,000 trees in the on-site nursery
An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo
Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery
Approximately 340 species of shrubs and trees selected for diverse landscape
The nursery team works exclusively with organic fertilisers and pesticides
All shrubs and trees supplied by Dubai Municipality
Most sourced from farms, nurseries across the country
Plants and trees are re-potted when they arrive at nursery to give them room to grow
Some mature trees are in open areas or planted within the expo site
Green waste is recycled as compost
Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs
Construction workforce peaked at 40,000 workers
About 65,000 people have signed up to volunteer
Main themes of expo is ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.
Expo 2020 Dubai to open in October 2020 and run for six months
Day 2, stumps
Pakistan 482
Australia 30/0 (13 ov)
Australia trail by 452 runs with 10 wickets remaining in the innings
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RESULTS
6.30pm: Maiden Dh165,000 (Dirt) 1,200
Winner: Miqyaas, Adrie de Vries (jockey), Rashed Bouresly (trainer).
7.05pm: Handicap Dh165,000 (D) 1,600m
Winner: Untold Secret, Xavier Ziani, Salem bin Ghadayer.
7.40pm: Maiden Dh165,000 (D) 1,600m
Winner: Shanty Star, Fabrice Veron, Rashed Bouresly.
8.15pm: Handicap Dh190,000 (D) 1,600m
Winner: Alkaamel, Antonio Fresu, Musabah Al Muhairi.
8.50pm: Handicap Dh175,000 (D) 1,400m
Winner: Speedy Move, Richard Mullen, Satish Seemar.
9.25pm: Handicap Dh175,000 (D) 2,000m
Winner: Quartier Francois, Fernando Jara, Ali Rashid Al Raihe.
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
The specs: 2019 Aston Martin DBS Superleggera
Price, base: Dh1.2 million
Engine: 5.2-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 725hp @ 6,500pm
Torque: 900Nm @ 1,800rpm
Fuel economy, combined: 12.3L / 100km (estimate)
UAE currency: the story behind the money in your pockets
PAST 10 BRITISH GRAND PRIX WINNERS
2016 - Lewis Hamilton (Mercedes-GP)
2015 - Lewis Hamilton (Mercedes-GP)
2014 - Lewis Hamilton (Mercedes-GP)
2013 - Nico Rosberg (Mercedes-GP)
2012 - Mark Webber (Red Bull Racing)
2011 - Fernando Alonso (Ferrari)
2010 - Mark Webber (Red Bull Racing)
2009 - Sebastian Vettel (Red Bull Racing)
2008 - Lewis Hamilton (McLaren)
2007 - Kimi Raikkonen (Ferrari)
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