Latest news with #MohamedAlabbar
India.com
7 days ago
- Business
- India.com
How many years did it take to build world's tallest building, Dubai's Burj Khalifa? Who owns this building? The answers might surprise you!
The Burj Khalifa, standing tall in Dubai, United Arab Emirates, is known all over the world as the tallest building ever made by humans. It's not just tall it is truly massive as the building reaches an incredible height of 828 meters (that's about 2,717 feet) and has 163 floors. But have you ever wondered how long it took to build such a giant structure? The construction of the Burj Khalifa began in 2004 and the main structure was completed by 2010. That means it took around 6 years to build this record-breaking skyscraper. Even after its grand opening in 2010, some interior work and finishing touches continued for a little while. The Burj Khalifa is packed with luxury too. It has around 304 hotel rooms and 900 apartments. Inside, you will also find office spaces, restaurants, observation decks, and even an art gallery. To give you a sense of how tall it is: It's three times taller than the Eiffel Tower in Paris. It's twice as tall as the Empire State Building in New York. Apart from being the tallest building in the world, the Burj Khalifa also holds the title of the tallest free-standing structure on Earth. The Burj Khalifa is not just a marvel of engineering it's a symbol of ambition, vision, and human capability. Who is the current owner of Burj Khalifa? The Burj Khalifa is owned by Emaar Properties, a well-known real estate company founded by Mohamed Alabbar. Although Emaar is a public company, it has strong financial support from the Dubai government, especially through organizations like the Investment Corporation of Dubai (ICD). The construction of the Burj Khalifa was a team effort involving three major companies: Samsung C&T from South Korea, Arabtech from the UAE, and BESIX from Belgium. While no single person owns the Burj Khalifa, Emaar Properties is in charge of managing and running it. Emaar is also behind some of Dubai's most famous landmarks, like the Dubai Mall, the Dubai Fountain, and the upcoming Dubai Creek Tower. It is considered one of the biggest real estate developers in the world.
Yahoo
20-05-2025
- Business
- Yahoo
How the Gulf's lifeline for Egypt is worrying Cairo's residents
A Dubai-based billionaire's plans to redevelop downtown Cairo with new streets and skyscrapers — an area akin to his home — is drawing a growing backlash in the Egyptian capital, where residents fear not simply the loss of a historic district's character but the encroaching influence of the Gulf. The plans by Mohamed Alabbar, the man behind Emaar Properties and the Burj Khalifa, include the redevelopment of up to 50 acres of central Cairo, with the businessman telling Al Arabiya Business that Dubai offers a model that Egypt could stand to replicate in order to cater to visitors. For a country heavily reliant on tourism and facing hefty debt burdens as well as languid economic growth, the upside is obvious. Yet some Cairenes are skeptical, worried that the proposals will only exacerbate inequality, cater to elites, and increase Gulf influence over Egypt's decision-making. 'People think skyscrapers equal wealth, but they ignore the economic and political structures that made Dubai successful,' Ahmed Zaazaa, an architect and urban designer assistant professor at Cairo's Nile University, said. 'Egypt is in a very different position.' Beyond the debates over what downtown Cairo will eventually look like are questions about growing Gulf involvement in Egypt's economy, fueling concerns of an erosion of the country's sovereignty. Cairo has been looking to the Gulf to finance a much hoped-for economic revival. Saudi Arabia pledged to invest $15 billion into Egypt following President Abdel Fattah el-Sisi's visit to the kingdom last year, and has deposited $10 billion in Egypt's central bank, while Doha is looking to pump $7.5 billion into the Arab world's most populous nation. The UAE has been the most aggressive, though, and much of the emirates' attention has gone toward tourism — which accounts for 8% of GDP — and real estate. In Feb. 2024, Egypt signed a $35 billion deal with the Abu Dhabi Developmental Holding Company to develop Ras El Hekma, a lucrative Mediterranean coastal area. This agreement, the largest in Egypt's modern history, is part of a broader effort to attract up to $150 billion in foreign investments. 'Over the past 15 years, Egypt's reliance on Gulf financial support — largely driven by political alignment — has proven critical,' Amr Adly, an associate professor of political economy at the American University in Cairo, told me. He attributed this toGulf monarchies, including the UAE, seeing it in their best interest 'to support a stable and friendly political system in Egypt.' The Gulf's lifeline is critical to Egypt's stability. But the fact that such support may ultimately alter Egypt's national identity, erode its economic sovereignty, and allow foreign firms and powers to transform Cairo's urban landscape is unsettling to many Egyptians. The government has long planned to renovate Cairo's historic center: Built in the late 19th century, downtown Cairo was modeled after European capitals, with wide boulevards and grand architecture. Over the years, economic and political shifts have transformed it from an elite enclave into a space filled with businesses, cultural landmarks, and working-class residents. But Alabbar's remarks — especially his reference to the controversial 1990s facelift of Beirut's city center — sparked fears that redevelopment will strip the capital's downtown of its vibrant character, ultimately catering primarily to elites. The Egyptian government downplayed his comments, saying Alabbar's plan was one of multiple investment proposals it was reviewing for downtown Cairo. Prime Minister Mostafa Madbouly confirmed that as government ministries relocate in the coming years to the New Administrative Capital, their former buildings will be repurposed, with a focus on attracting high-end investments. 'In Beirut, the Solidere project turned the city center into a ghost town after business hours,' Zaazaa said. 'A similar fate could await Cairo if exclusivity is prioritized over inclusivity.' One longtime resident of downtown Cairo, Ismail Sharara, voiced another concern: 'This will make downtown even more expensive without justification,' he said. 'I'd rather the government keep ownership of downtown — it's a national issue.' Al Ismaelia for Real Estate Investment, the Egyptian company that since 2008 has led restoration efforts focused on preserving historic buildings, also distanced itself from Alabbar's vision, emphasizing that the downtown area should not be transformed into 'something it is not.' 'Heritage preservation is the foundation of our work,' an Al Ismaelia spokesperson said. 'Our goal is to maintain downtown's original architectural identity while revitalizing it for contemporary use.' In Budapest, Alabbar's $5.2 billion Mini Dubai project had also run into disagreements. The project promised the construction of the European Union's tallest skyscraper, an intelligent waste management system, and smart city elements in residential and commercial towers, schools and malls. The city has pushed back against the plan, however, with its mayor saying the government should prioritize affordable housing over luxurious skyscrapers. Not everyone is opposed to a deep modernization of downtown Cairo. 'Some displacement is inevitable,' said Mostafa Salem, the Egyptian founder of Dubai-based design studio Coconut, whose digital renderings of downtown Cairo have gone viral. 'Many buildings are illegally occupied or used as warehouses. That's not sustainable.' And in any case, Egypt may not be in a place to reject Alabbar's investment proposal. 'There has been a clear decline in transparency regarding economic policies and public data in Egypt, which makes it difficult to assess how much control Egypt retains over agreements like this,' Adly, the American University of Cairo associate professor, noted.
India.com
17-05-2025
- Business
- India.com
Who owns Dubai's Burj Khalifa, world's tallest building? Not Sultan of UAE, Prince Salman, Qatar's Emir; it is owned by...
Located in Dubai, UAE, the Burj Khalifa holds the title of the tallest building in the world, soaring to an impressive height of 828 meters (2,717 feet). The tower features 163 floors and is home to luxurious residences, corporate offices, fine dining restaurants, the world's highest observation deck, and even the tallest service elevator. But who owns this tallest building? He is not a king of Dubai, the Sultan of the United Arab Emirates (UAE), or an Emirati royal, but the real owner of Burj Khalifa is… Developed by Emaar Properties, a leading real estate company based in Dubai, the Burj Khalifa took six years to complete, with construction running from 2004 to 2010. The iconic tower is owned by Mohamed Alabbar, an Emirati businessman and real estate mogul, who also founded Emaar Properties. The Burj Khalifa is about three times taller than the Eiffel Tower and nearly twice the height of the Empire State Building. In addition to the Burj Khalifa, Emaar Properties is renowned for several other landmark developments such as the Dubai Mall, the soon-to-rise Dubai Creek Tower, and the spectacular Dubai Fountain. Interestingly, Mohamed Alabbar is also the founder and chairman of Eagle Hills, a private real estate and investment firm headquartered in Abu Dhabi. What's even more astonishing is that the Burj Khalifa houses a total of 57 elevators and 8 escalators, working seamlessly to transport thousands of people every day through the tallest building on Earth. According to TimesNow Hindi report, Burj Khalifa can take you all the way up to the 124th floor in just 60 seconds.
Arabian Business
15-05-2025
- Business
- Arabian Business
Binaa Al Bahrain launches flagship Bayview real estate project: Mohamed Alabbar
Binaa Al Bahrain has officially begun operating and announced the upcoming launch of its flagship residential development, Bayview, set to open later this month in Bahrain Bay. This milestone reflects Bahrain's ongoing drive toward integrated, sustainable urban growth and reinforces its position as a prime destination for real estate investment in the region. Formed through the collaboration of leading developers, most notably Eagle Hills Diyar, and key strategic partners, Binaa Al Bahrain aims to deliver human-focused urban communities that align economic potential with social needs. Bayview in Bahrain The Bayview project, located in the heart of Bahrain Bay, will offer premium living with waterfront views, contemporary architecture, generous open spaces, and a promenade featuring select retail and leisure outlets. Mohamed Alabbar, Chairman of Binaa Al Bahrain, said: 'Our experience with Eagle Hills showed us how to turn vision into tangible success. With Binaa Al Bahrain, we're continuing that journey driven by a unified strategy to develop future-ready urban spaces. 'Bahrain offers a resilient, investor-friendly environment, and what we build here will shape the next chapter of urban development in the region.' Dr. Maher Al Shaer, Managing Director, added: 'We are committed to a people-centric approach that prioritises thoughtful planning and design. In the coming months, we'll announce new partnerships and projects set to launch across strategic locations in 2025 and beyond.' With this forward-looking agenda, Binaa Al Bahrain is poised to drive the next wave of real estate development in the Kingdom, revitalising key areas, supporting economic diversification, and contributing to a dynamic, liveable urban future aligned with the island's national vision.
Trade Arabia
15-05-2025
- Business
- Trade Arabia
Binaa Al Bahrain launches operations; flagship Bayview to follow
Binaa Al Bahrain, a newly formed real estate developer backed by Eagle Hills Diyar and strategic partners, has commenced operations, the company said on Thursday (May 15). The developer also announced the upcoming launch of its flagship residential project, Bayview, which is set to open later this month in Bahrain Bay. The Bayview project will offer premium living with stunning waterfront views, contemporary architecture, generous open spaces, and a lively promenade featuring select retail and leisure outlets. Binaa Al Bahrain said the move reflects Bahrain's push for integrated and sustainable urban development, aiming to strengthen its position as a prime destination for real estate investment in the region. Mohamed Alabbar, Chairman of Binaa Al Bahrain, stated: "Our experience with Eagle Hills showed us how to turn vision into tangible success. With Binaa Al Bahrain, we're continuing that journey — driven by a unified strategy to develop future-ready urban spaces. Bahrain offers a resilient, investor-friendly environment, and what we build here will shape the next chapter of urban development in the region.' Dr. Maher Al Shaer, Managing Director, added: "We are committed to a people-centric approach that prioritises thoughtful planning and design. In the coming months, we'll announce new partnerships and projects set to launch across strategic locations in 2025 and beyond.' The company aims to deliver human-focused urban communities that align economic potential with social needs. With this forward-looking agenda, Binaa Al Bahrain said it is poised to drive the next wave of real estate development in the kingdom — revitalising key areas, supporting economic diversification, and contributing to a dynamic, livable urban future aligned with Bahrain's national vision. -TradeArabia News Service.
