Dubai developer says it is mulling transaction to raise financing against cashflows of top tourist attraction
Emaar Properties on Tuesday denied reports it is looking to sell the observation deck of Burj Khalifa, the world’s tallest tower.
Earlier, unnamed sources quoted in a Reuters report claimed Standard Chartered bank had been appointed as advisors as part of a potential sale.
But in a filing with Dubai Financial Market, the Dubai developer said: “The company would like to confirm that it is not selling the At The Top business in Burj Khalifa.”
Emaar added in the statement: “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.”
The At the Top observation deck generates around AED600-700 million ($163-191 million) a year, sources told Reuters.
It is considered a ‘must see’ for a significant portion of the approximately 16 million overnight visitors to Dubai each year.
Burj Khalifa officially opened in January 2010 and at 828 metres tall it is currently the world’s tallest tower.
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