Monday, 15 June 2009

Emaar denies deal with Kingdom Holding to develop world's tallest tower

From the Gulf News 15 June '09

Despite the announcement from Kingdom Holding earlier this week, it appears there's been a 'misunderstanding' and Emaar's having no role in developing The World's Next Highest Tower to be located in Jeddah. FYI, Prince Alwaleed is the largest shareholder in Citigroup.

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.

1 comment:

  1. That's the way the stock market is played. Emaar shares rose 7.8% - did anyone check who made a killing?