Emaar says may raise funds against Burj Khalifa viewing decks, not selling them
Dubai’s Emaar Properties said yesterday it was considering raising capital against cash flows generated by the observation decks on its Burj Khalifa skyscraper, but was not looking at selling them.
Reuters on Monday, citing sources, said that Emaar was planning to sell the “At The Top” observation decks on the world’s tallest building and had hired Standard Chartered to advise on the process.
Emaar “would like to confirm that it is not selling the At The Top business” and is “currently considering a structured transaction wherein financing is being raised against cashflows of At The Top,” it said in a bourse statement on Tuesday.
At The Top overlooks the Dubai Fountains, another popular tourist attraction, with views of the city, the coast, and the desert. Reuters cited two sources on Monday as saying the sale process began in November.
The sources requested anonymity as the details were not public. The viewing decks make about 600-700 million dirhams ($163-$191 million) a year, one source said.
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