Burj Dubai cost $1.5bn to build

UPDATE 2: Emaar's chairman says 90% of tallest tower already sold, to have positive impact on 2010 results.
Burj Dubai cost $1.5bn to build
TOWER COST: The Burj Dubai cost $1.5bn to build, Emaar said on Monday. (ITP Images)
By John Irish
Mon 04 Jan 2010 10:26 AM

Dubai's Emaar Properties said on Monday the final cost of the world's tallest tower stood at $1.5 billion, with 90 percent of the building already sold, and that it would benefit 2010 results.

Chairman Mohamed Alabbar, who held a media briefing on Monday for the opening of the skyscraper, said the Burj Dubai opening would have a positive impact on the first three quarters of 2010.

Started at the height of the economic boom and built by some 12,000 labourers, the world's tallest building opens on Monday in Dubai as the once-booming emirate seeks to revive optimism during its financial crisis.

Emaar Properties also said it will focus on international projects where it was already present, adding that the emirate's property prices have stabilised.

Issam Galadari, chief executive of Emaar Dubai, told the launch press briefing that the company would also look at developing subsidiaries such as hospitality and hospitals.

"They create a lot of revenue for Emaar," he said.

Alabbar also told reporters there were no plans to merge with Nakheel, after the company cancelled a merger with Dubai Holding in December.

Emaar is the Arab world's largest listed developer. (Reuters)

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