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Emaar Properties has denied reports that it is looking to sell the observation deck of the world’s tallest skyscraper – Burj Khalifa, according to a filing by the company to the Dubai Financial Market, where its shares trade.
Emaar said in the statement: “The company is currently considering a structured transaction wherein financing is being raised against the cashflows of the At the Top business. This financing is being raised in the normal course of business. Once the transaction is finalised and confirmed, the appropriate disclosures will be made.”
Earlier, a report by Reuters which quoted unnamed sources, said the developer was planning to sell At the Top and had appointed Standard Chartered to advise it on the sale of the tourist attraction.
The report had said that At the Top generates around AED 600-700 million a year and the sale could raise up to AED 3.67 billion for Emaar.
Earlier this year Emaar hired Standard Chartered for the sale of its district cooling business, and in 2018 for the sale of five hospitality assets, which were bought by Abu Dhabi National Hotels.
Cavendish Maxwell is the MENA region’s leading firm of property consultants and chartered surveyors. If you are looking for professional real estate consultation or advice on property related matters, please view our services.
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