Emaar plans 1km-plus tower in Asia

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Emaar TowerDubai : Chairman of Dubai’s Emaar Properties, Mohamed Alabbar, is looking at plans to build a 1km plus tower in Asia, according to Arabian Business. In an interview to be published on Sunday in the magazine, Alabbar said: “Of course I want to. I am looking. I have a wish. I will try.”

Saudi Arabia’s Prince Alwaleed is currently developing the 1km high Kingdom Tower in Jeddah, which is set to be taller than Dubai’s Burj Khalifa. However, Alabbar said his own project would be “a little taller” than the one in Jeddah.

He said: “The answer is yes I want to try. It is quite a task with safety issues and making sure it is done right. It’s typical human progress. We have done fabulous stuff here; we know what the value is.” A location in Asia has already been identified and preliminary drawings done, Alabbar was quoted by the publication as saying.

Asked whether it was likely to happen, Alabbar said: “I would like that, it would be very special.” Emaar has undergone a resurgence in the past year with its share price rising by more than 80 percent. The 2012 results showed an 18 percent rise in net profits to $577m from $2.24bn of revenue. The shopping malls and retail side of the business accounted for $740m in revenue last year – a 27 percent increase on the previous year.

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