Dubai Developer Going For World Record With Newly Planned Kilometer-Tall Tower
Source: http://feeds.feedburner.com/~r/ContrarianProfits/~3/414846581/6018Posted on Wednesday, October 8th, 2008 | In Market Commentary
Dubai luxury developer Nakheel PJSC on Sunday unveiled plans for a tower that will stand a full kilometer (3,280 feet) in height, beating the world record that’s already held by the booming city-state.
Sultan Ahmed Bin Sulayem, chairman of Dubai World, a holding company that holds a stake in Nakheel, said the project would be “one of a kind,” the Emirati news agency WAM reported.
Located along the southern coast of the Persian Gulf on the Arabian Peninsula, Dubai is one of the seven emirates and is the most populous city of the United Arab Emirates (UAE).
The new tower project is actually part of an entire town development – known as the Nakheel Harbour & Tower project – that will cover 665 acres, and that will include “a tower which could reach one kilometer in height,” Sulayem said when the announcement was made. The multibillion-dollar development will be home to more than 55,000 people and will serve as the workplace for another 45,000. The target date for completion is 2020.
“There is nothing like it in Dubai,” Sulayem said. “Nakheel Harbour & Tower is located in the heart of ‘new Dubai’, where we have focused on creating a true community, a location for living, working, relaxing and entertaining, for art and culture. All of this is concentrated in one area.”
The world’s tallest building – the yet-to-be-completed Burj Dubai tower reached a height of 2,257 feet (688 meters) at the start of September and is still growing, according to developers Emaar Properties PJSC. It now boasts 160 stories, the highest skyscraper in the world, Emaar said. Construction began on Sept. 21, 2004 and is expected to be completed and ready for occupation in September 2009.
The total budget for the Burj Dubai project is about $4.1 billion. The tower is part of a development known as the new “Downtown Dubai,” a development that’s estimated to cost $20 billion.
Nakheel is best known for constructing man-made islands that, when finished, will add more than 600 miles of coastline to Dubai. The first island, shaped like a palm tree and called Palm Jumeirah, will be home to private villas, mansions, luxury apartment towers, and a 60-story Trump hotel. Nakheel is also constructing two other palm-shaped islands, a 300-island archipelago called The World (shaped to mimic the continents), and more than a dozen other large-scale developments across Dubai. All of these developments are being populated with hotels, restaurants, and shopping malls that it will also manage.
Source: Dubai Developer Nakheel Going For World Record With Newly Planned Kilometer-Tall Tower
Last 5 posts by Contrarian Profits
- Time to dump gold? - November 5th, 2009
- The Two Investing Mistakes to Avoid at all Costs - October 9th, 2009
- Can Democrats Anchor Unemployment Without Doing More Damage to the Deficit? - October 9th, 2009
- Will Rise In September Retail Sales Carry into Holidays? - October 9th, 2009
- Why You Need to Look at these Three ‘Zombie-Free Zones’ - October 8th, 2009
Arabian Peninsula, Burj Dubai tower, contrarian profits, Dubai World, Emirati, Kilometer-Tall Tower, Market Commentary, Nakheel, news agency, Persian Gulf, Sultan Ahmed Bin Sulayem, Trump hotel, UAE, United Arab Emirates, USD, WAM
ContrarianProfits.com is a financial news and opinion website with a twist. As investment guru Rick Rule puts it, “You are either a contrarian or a victim.” In the financial world, most people are losers because they just don’t know what game they’re playing. They think they can just get “into the market” along with everyone else, do what everyone else does, and they will make money. Not likely. By the time you’ve paid commissions, spreads, fees, taxes – and suffered the consequences of inflation – you’ll be very lucky just to have as much money as you started with.
ContrarianProfits.com is a contrarian site, in the sense that we provide ideas, opinions and recommendations that often run counter to the mainstream financial press. We do this not just to be contrary, but because we’ve realized that Rick is right. You don’t make money by following the crowd; you make money by leading it.
Why is this so? Well, it’s obvious that if you do the same thing everyone else does you’ll get the same results everyone else gets. On average, and over the long run, real investment returns for the typical investor cannot exceed the rate of growth of the economy itself. Everybody can’t get richer faster than everybody else. Real economic growth in the US today averages about 3% per year; if you don’t make any mistakes, that’s about what you can expect. Few people may be satisfied with 3% per year, but most feel comfortable in the middle of the financial herd and are happy to take whatever that gets them. If you’re one of those people, you will probably not like our site. It will make you uncomfortable.
If, on the other hand, you’re willing to look at things a little differently, you’ll appreciate the views of many of our columnists, contributors and visionaries.
No recommendations, either expressed or implied, are being made to buy, sell, hold or short any of the mentioned stocks. No legal, tax or accounting advice is expressed or implied. Always contact your attorney, CPA, or tax advisor before acting on any legal or tax issues. StraightStocks.com is not responsible for the content, products, or services of any of the advertisers on this site. StraightStocks.com receives compensation from advertisers on this blog. Services and products referred to herein are trademarks, registered trademarks, servicemarks, and/or registered servicemarks of their respective trademark or servicemark owners.