Following reports that claim Emaar Properties are working on the sale of Burj Khalifa’s ‘At The Top’ for $1 billion (AED 3.67b), it turns out they’re not selling it.
False news about ‘At The Top’ on sale
An international media outlet reported the potential sale of ‘At The Top’ with undisclosed sources claiming its profitability and price tag, with Standard Chartered as their sole advisor on the trade.
$1 million sale
Sources claimed the popular observation desk attracted 15.92 million overnight visitors last year and reportedly made $163-$191 million (AED 600-700m) every year. The supposed sale price for the attraction was $1 billion (AED3.67b). The report also said Emaar Properties was exploring the sale of ‘At The Top’ despite its profits rising from $302 million in Q3 of 2018 to $362 million in Q3 of 2019.
Photograph credit: At The Top
Emaar Properties denies selling ‘At The Top’
The homegrown real estate giant confirmed it’s not selling the observatory. It says:
“The company would like to confirm that it is not selling the At The Top business in Burj Khalifa. The company is currently considering a structured transaction wherein financing is being raised against the cashflows of 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.”
Photograph credit: Dubai Media Office
Check out the moment when Will Smith headed to ‘At The Top’.