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Old June 14th, 2009, 08:48 PM   #721
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this height would be mindblowing , i cant wait.
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Old June 14th, 2009, 08:52 PM   #722
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if they do build this, i pray they change the render
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Old June 14th, 2009, 08:54 PM   #723
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Emaar says not in tallest tower deal with Saudis

DUBAI, June 14 (Reuters) - Dubai developer Emaar Properties (EMAR.DU) denied on Sunday that it was in a deal with Saudi Arabia's Kingdom Holding 4280.SE to supervise and develop a large project that will feature the world's tallest tower.

Emaar shares surged 7.18 percent a day after Kingdom Holding Co said it had appointed the Dubai-based developer for the project, with a total investment of at least 100 billion riyals ($26.7 billion).

"Emaar ... will not invest in any projects of this sort," it said in a statement emailed to Reuters.

Emaar said it has signed a deal with a firm it identified in the Arabic-language statement as Jeddah Economic Company, adding that according to the agreement it "would only offer management services for a real estate project against a fee".

An Emaar spokeswoman did not have an immediate comment.

Kingdom Holding, owned by billionaire Prince Alwaleed bin Talal, said on Saturday in an emailed statement that Emaar would be in charge of developing and supervising the construction of the Kingdom Tower.

Emaar is currently constructing the world's tallest tower, Burj Dubai, in the emirate -- a regional trade and tourism hub.
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Old June 14th, 2009, 10:19 PM   #724
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^
^
this is the official statement by KH : Kingdom Holding Chooses EMAAR as Developer of Kingdom City & Kingdom Tower Jeddah
(13/6/2009)


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Old June 14th, 2009, 10:58 PM   #725
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Quote:
Originally Posted by Riyadhi View Post
Emaar says not in tallest tower deal with Saudis
Maybe someone jumped the gun. I do find it stange that a Dubai company currently building the world's tallest building, would build a new one for a neighboring country. This may take a few days or weeks to play out.
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Old June 14th, 2009, 11:40 PM   #726
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The whole thing is clear!!
Emaar said " they are managing and doing services against fees"
and they said: "Emaar ... will not invest in any projects of this sort,"
and kingdom Holding said " Emaar is the developer for kingdom city and tower" (notice they didn't say partner or investor)

so Emaar basically saying " Emaar is not an investor in this project, it's managing and offering services against paid fees". (in two words a paid job )

and I think they made this statement to avoid the "clamour" caused by some questions.
for example this one (sorry malec )

Quote:
Originally Posted by malec View Post
Emaar?
Haven't they put on hold, or almost put on hold pretty much all their projects?
so they "might" don't need anyone (specially the customers from any delayed project) to think they stopped some of their "own" project to invest in other project in a different country.it's butter to show that you have been offered a paid job (specially at the current financial situation).
that's my opinion and it could be wrong
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Old June 15th, 2009, 12:00 AM   #727
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seems some intraregional politics are in effect? The Burj Dubai has a reputation to uphold, its companies too. But that's besides the point.

The fact is, if they do manage to build this thing, and I still can't believe it, then they'll have to create some sort of monument to the engineers, designers and construction workers, because this looks to be even crazier than the Burj Dubai.
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Old June 15th, 2009, 12:10 AM   #728
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Quote:
Originally Posted by Rody69 View Post
The whole thing is clear!!
Emaar said " they are managing and doing services against fees"
and they said: "Emaar ... will not invest in any projects of this sort,"
and kingdom Holding said " Emaar is the developer for kingdom city and tower" (notice they didn't say partner or investor)

so Emaar basically saying " Emaar is not an investor in this project, it's managing and offering services against paid fees". (in two words a paid job )

and I think they made this statement to avoid the "clamour" caused by some questions.
for example this one (sorry malec )



so they "might" don't need anyone (specially the customers from any delayed project) to think they stopped some of their "own" project to invest in other project in a different country.it's butter to show that you have been offered a paid job (specially at the current financial situation).
that's my opinion and it could be wrong
I think you're right
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Old June 15th, 2009, 12:17 AM   #729
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Yes!!!!!

Reuters was wrong and issued a correction

UPDATE 2-Emaar says not investing in Kingdom project
Sun Jun 14, 2009 2:20pm EDT

(Adds additional details)

DUBAI, June 14 (Reuters) - Dubai developer Emaar Properties EMAR.DU denied on Sunday that it was investing in a development by Saudi Arabia's Kingdom Holding 4280.SE that will feature what would be the world's tallest tower.

Emaar shares surged 7.18 percent a day after Kingdom Holding Co said it had appointed the Dubai-based company for the project, with a total investment of at least 100 billion riyals ($26.7 billion).

"Emaar ... will not invest in any projects of this sort," it said in a statement emailed to Reuters.

Emaar said it has signed a deal with a business it identified in the Arabic-language statement as Jeddah Economic Company, adding that according to the agreement, it "would only offer management services for a real estate project against a fee."

An Emaar spokeswoman did not have an immediate comment.

Kingdom Holding, owned by billionaire Prince Alwaleed bin Talal, said on Saturday in an emailed statement that Emaar would be in charge of developing and supervising the construction of the Kingdom Tower.

Emaar is currently constructing the world's tallest tower, Burj Dubai, in the emirate -- a regional trade and tourism hub.

Prince Alwaleed, chairman of Kingdom Holding has signed the deal on behalf of Jeddah Economic Company with Emaar Chairman Mohamed Alabbar, Kingdom said in its statement on Saturday.

Saudi Arabia, the largest Arab economy, launched the two large projects in the Red Sea port city of Jeddah in October. They include the construction of a tower that will be more than 1,000 metres (yards) high.

The kingdom needs 1 million houses by 2014 to meet the needs of its growing population, and the shortages in residential, commercial, retail and hospitably property in Riyadh, Jeddah, Mecca, Medina and the Eastern Province, HSBC said in a report earlier this month. [ID:nL7654994] (Reporting by Inal Ersan and John Irish, Editing by Maureen Bavdek)

FROM: http://www.reuters.com/article/rbssF...10500520090614
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Old June 15th, 2009, 05:13 AM   #730
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Oh man, watch for Emaar's stock to dive tomorrow.
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Old June 15th, 2009, 08:54 PM   #731
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Emaar denies Kingdom Holding deal to develop world's tallest tower

By Sunita Menon, Staff Reporter
Published: June 15, 2009, 08:02

Dubai: Emaar Properties on Monday issued a denial that it had made any deal with Saudi Arabia's Kingdom Holding Company on developing the world's tallest tower with a total investment of at least 100 billion riyals ($26.7 billion).

Kingdom Holding, owned by billionaire Prince Alwaleed bin Talal, said on Saturday in an emailed statement that Emaar would be in charge of developing and supervising the construction of the Kingdom Tower.

The news saw a surge in Emaar’s shares rise up to to 7.8 per cent.

In a statement issued to Reuters, the Dubai based properties said that it will not invest in any projects of this sort.

Emaar is currently constructing the world's tallest tower, Burj Dubai, in the emirate - a regional trade and tourism hub.

http://www.gulfnews.com/business/Rea.../10322927.html
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Old June 15th, 2009, 09:14 PM   #732
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dl
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Old June 15th, 2009, 09:42 PM   #733
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there talking about the tower itself. Emaar probably got the deal for the development around the tower
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Old June 15th, 2009, 09:49 PM   #734
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there is very slight chance for this tower to become a reality how ever the deal regarding managing and providing services is true. the tower was just a media speculation.

from a personal point of view i don't that this tower will ever get built because of the impossible return on investment in the saudi market specially in a huge investment like this.

the kingdom is not a business/trade nor a tourism hub.
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Old June 15th, 2009, 10:35 PM   #735
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Quote:
Originally Posted by BinDubai View Post
there is very slight chance for this tower to become a reality how ever the deal regarding managing and providing services is true. the tower was just a media speculation.

from a personal point of view i don't that this tower will ever get built because of the impossible return on investment in the saudi market specially in a huge investment like this.

the kingdom is not a business/trade nor a tourism hub.
I'm not going to argue with you,because it looks that you don't know any thing farther than you back yard
you were talking about "the impossible return on investment in the Saudi market specially in a huge investment like this"
I don't know how did you get this, but maybe because you think that the whole world is working on the Dubai example.
Saudi needs 1.2 million unit by 2014, Jeddah needs 405,000 units by 2014, with a "slightly" difference in the Saudi market.
the need here is LOCALLY, we are not building what ever you think just for "foreigners" to come and use it as a "vacation house", actually when you know that Jeddah's population is 4.8 million (2008) (Is it almost the U.A.E population??) and 60% of that population is under the age of 30 (2008) you'll understand the differences between the Saudi market and what ever example in your head.
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Old June 16th, 2009, 12:23 AM   #736
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Quote:
Originally Posted by BinDubai View Post
there is very slight chance for this tower to become a reality how ever the deal regarding managing and providing services is true. the tower was just a media speculation.

from a personal point of view i don't that this tower will ever get built because of the impossible return on investment in the saudi market specially in a huge investment like this.

the kingdom is not a business/trade nor a tourism hub.


I'm sure I will be building the city of the Kingdom and Kingdom Tower before the end of the year and knew the market and the Saudi economy strong, the strongest Arab and enjoy the support of the government and the city of Jeddah, arriving on the development of large projects of all types of infrastructure and the towers and the subway and the development of the Corniche،What is the relationship between tourism tower
!! The development of strong demand and successful investment in Saudi Arabia, as well as some Saudi investors in Dubai will go to Saudi Arabia because of the economic weight and safety in Saudi Arabia, and he knows all of the Controlling
On the economy of Dubai and probably will collapse without the support of the government in the global crisis
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Old June 16th, 2009, 12:55 AM   #737
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let's not fight and wait for some official news from both sides to clarify all the details
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Old June 16th, 2009, 02:47 AM   #738
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Quote:
Originally Posted by BinDubai View Post
there is very slight chance for this tower to become a reality how ever the deal regarding managing and providing services is true. the tower was just a media speculation.

from a personal point of view i don't that this tower will ever get built because of the impossible return on investment in the saudi market specially in a huge investment like this.

the kingdom is not a business/trade nor a tourism hub.
Actually that's not true at all...

I just came across this article which talks about the Saudi real estate sector being the highest on return of investments in the world,

http://www.alaswaq.net/articles/2009/06/15/24800.html
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Old June 16th, 2009, 07:55 AM   #739
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Esca asks Emaar to come clean

By Nadia Saleem, Staff Reporter
Published: June 15, 2009, 23:51


Dubai: The Emirates Securities and Commodities Authority (ESCA), the country's stock market regulator, has instructed the Dubai Financial Market (DFM) to demand a full explanation from Emaar Properties on its reported agreement with Kingdom Holding, according to a report by WAM news agency.

On Sunday evening, Emaar denied reports that it would be developing Kingdom Holding's Dh100 billion project.

This project would encompass the tallest tower in the world and surpass Emaar's own project, Burj Dubai. Kingdom Holding had made an announcement on Saturday night. Emaar, however, did say that it would be providing management services for the project.

The ESCA has asked for more details of the agreement. These details include the type of agreement, its value and its anticipated impact on Emaar's revenues.

In a statement issued yesterday, the regulator stressed that all listed companies were obliged to disclose any information about their status and activities.

Emaar's stock yesterday closed 5.74 per cent lower at Dh3.94 after surging 7.18 per cent to Dh4.18 on news of the contract in Jeddah.

"That shows that they were involved in it [project] but later, maybe due to some reasons, it would not have gone through and they just simply denied it at a later stage. "The delay from Emaar's side definitely creates some doubts," a market analyst told Gulf News.

Emaar declined to further explain the statement to Gulf News when reached for comment. "They should have acted sooner. It was a question on our minds. It gave a negative sentiment for traders," said a DFM trader who requested anonymity.

Meanwhile, Haissam Arabi, CEO of Gulf Mena Alternative Investments, commended Emaar for releasing the information. "For them [Emaar] to come out [with a statement], actually shows good governance that they've reacted to it so that people are not misled," Arabi said.

However, he said that it was not in Emmar's best interests for its stock to take a beating as it did yesterday. The UAE and Saudi government officials held talks in Riyadh yesterday to diffuse a situation on the border where a massive pile up of trucks created 25 kilometre trail in what has been referred to as a mere customs issue, days after the UAE withdrew from the GCC Monetary Union.

http://www.gulfnews.com/business/Markets/10323235.html
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Old June 16th, 2009, 08:21 PM   #740
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Quote:
Originally Posted by Rody69 View Post
^

The whole thing is clear!!
Emaar said " they are managing and doing services against fees"
and they said: "Emaar ... will not invest in any projects of this sort,"
and kingdom Holding said " Emaar is the developer for kingdom city and tower" (notice they didn't say partner or investor)

so Emaar basically saying " Emaar is not an investor in this project, it's managing and offering services against paid fees". (in two words a paid job )

and I think they made this statement to avoid the "clamour" caused by some questions.
for example this one (sorry malec )



so they "might" don't need anyone (specially the customers from any delayed project) to think they stopped some of their "own" project to invest in other project in a different country.it's butter to show that you have been offered a paid job (specially at the current financial situation).
that's my opinion and it could be wrong
I think I was nearly right

Emaar replies to ESCA's clarifications (on Al-Arabiya tv)
the video by zawya



it's funny they used (exactly) my analysis word by word!!!!!!!!
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