Dubai, UAE, October 8, 2005: Emaar, the world’s Number one real estate developer in terms of market capitalisation, today signed a landmark AED 3.216 billion deal to officially appoint Samsung Corporation as the main contractor for the Burj Dubai, the world’s tallest structure.
Following the appointment announcement in December 2004, Emaar went through a rigorous process of validating various portions of the contract, while work on the project had already started. This process culminated yesterday in Seoul, Korea where Emaar Chief Executive Officer AJ Jaganathan and Samsung Corporation’s Chief Executive S. D. Lee signed the groundbreaking deal which is a significant moment in the rise of the iconic Burj Dubai.
Construction of the tower has already reached the 12th floor and is progressing at a rate of one floor per week. The Burj Dubai is already visible from Dubai’s main thoroughfare the Sheikh Zayed Road and is expected to change the skyline of Dubai when it is completed by the end of 2008. Chicago-based Skidmore, Owings & Merrill (SOM) have designed the tower while New York-based Turner Construction International is the project and construction manager.
“Like Emaar, Samsung Corporation has set global benchmarks for real estate developers and has proven time and again its ability to be part of the creative process for some of the world’s most ambitious developments. With an impeccable reputation and unrivalled expertise in constructing tall towers, Samsung Corporation will play a crucial role in the rise of the world’s tallest structure,” Mr. Jaganathan said.
Samsung Corporation was chosen in December 2004 as main contractors for Emaar’s most ambitious development following an 11 month international bidding process. The Korean corporation has been involved in the construction of numerous high-rise structures around the world and Samsung Group, its parent company, is the Fortune ranked 14th largest company in the world.
The Burj Dubai will include the world’s first Armani Hotel and combine serviced residences, luxury apartments, world class restaurants and unparalleled leisure and entertainment facilities. Its unique mix of functional modernist surfaces and decorative form contains abstract references to regional and cultural influences. The Tower’s base rises upward in a series of steps, providing a graceful transition as the structure ascends.
The Burj Dubai is part of a USD 20 billion urban development in the heart of Dubai, spreading across 500 acres and combining world class commercial, residential, hotel, entertainment, shopping and leisure outlets with beautifully landscaped open green spaces dotted with lakes and numerous water features.
