Exciting Redesign for Dubai Creek Tower by Emaar Properties
Emaar Properties’ iconic Dubai Creek Tower, initially planned to surpass the Burj Khalifa, is undergoing a remarkable transformation. Founder Mohamed Alabbar has revealed that the tower is being redesigned, marking a significant development in this ambitious project.
The cable-tied tower, designed by renowned architect Santiago Calatrava, was intended to stand 100 meters taller than the Burj Khalifa. While the tower’s foundation was laid in 2017, progress has been relatively slow in recent years.
In the latest update, Mr. Alabbar announced that the tower is in the process of being redesigned by an international company, chosen after a competitive tender process.
“We are seeking during the next seven to eight months to develop a new idea about the project and we hope to start construction within a year from now,” he told news agency Wam.
Emaar Properties is not only focusing on this redesign but also actively seeking new expansion opportunities within Dubai. This year, the company plans to deliver around 45 new towers, providing 15,000 apartments to the ever-growing Dubai real estate market.
The first half of this year has already seen a 15% increase in Emaar Properties’ profit, reflecting the robust property market in Dubai. The company reported a net profit of Dh4.9 billion ($1.3 billion) for the six months ending in June.
Mr. Alabbar remains optimistic about Emaar Properties’ future financial performance, given its strong sales record and sustained growth. Dubai Creek Harbour, the site of the Dubai Creek Tower, is a colossal development spanning 6 square kilometers, nearly twice the size of Downtown Dubai, with plans to accommodate 200,000 residents.
Last year, Emaar fully acquired Dubai Creek Harbour from Dubai Holding, making Dubai Holding the second-largest shareholder in Emaar after the Dh7.5 billion ($2.04 billion) deal, which was settled equally in cash and Emaar Properties shares.
Exciting times lie ahead for Dubai Creek Tower and Emaar Properties as they embark on a new chapter of innovation and growth in the heart of Dubai. Stay tuned for further updates on this iconic project!
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