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Sun 3 Nov 2013 08:49 PM

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Emaar denies it is to build tower bigger than Burj Khalifa

Dubai developer refutes media reports suggesting it has world-record breaking project in pipeline

Emaar denies it is to build tower bigger than Burj Khalifa
(AFP/Getty Images)

Emaar Properties said on Sunday that it currently has no plans to build a new tower that is taller than the Burj Khalifa, the world's tallest building.

The Dubai-based developer issued a statement cited by news agency WAM refuting media reports that suggested plans were in the pipeline.

In the statement, a spokesperson said Emaar denied reports that the company plans to construct another high-rise in Dubai that is taller than Burj Khalifa.

It added: "In a television conversation with CNN during April this year, company chairman Mohamed Alabbar discussed tall towers and modern technologies that make it possible for Dubai to build another tall building.

"The media reports used this April conversation as a source which does not spell a firm decision. Emaar, however, does not have any current plans to develop a building taller than Burj Khalifa in Dubai."

In April, Alabbar was quoted as saying the company was considering another tall tower project, hinting it may rival the Burj Khalifa.

Emaar Properties built the 828-metre Burj Khalifa tower in 2010 and is also involved in the Kingdom Tower, which is being developed by Prince Al-Waleed bin Talal and is under construction in Jeddah. The Saudi tower is reportedly set to be as high as 1km tall.

Last month, Emaar Properties announced net profit of AED1.8bn ($493m) for the first nine months of 2013, up 13 percent on the same period last year.

Revenue for January to September totalled more thatn $2bn and rose 36 percent, the developer said in a statement.

Net profit in the third quarter reached $158m, an increase of 50 percent on Q3 2012, Emaar said, adding that third quarter revenue rose 43 percent to reach $639m.

This year, the total sales value of Emaar’s real estate projects in Dubai as of September 30, is more than AED9bn ($2.45bn), which is nearly triple that seen in the same period in 2012.

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