Dubai to Become World Capital of Towers

Dubai is set to have more buildings with 100 floors or more than any other city in the world by 2015. A new tower has been announced in Dubai that will secure the city’s reputation as a real-estate hot spot. Once completed the Pentominium tower in the Dubai marina with 120 floors, will join four other 'super towers' - those with over 100 floors - in the city which is working hard to restore its image as a key financial center, despite the current global economic crisis. The most famous among the other super towers is the Burj Dubai, which once completed, will have 168 floors. While Burj Dubai is now the tallest building in the world, having surpassed the Taipei 101 in July 2007, an even grander project is currently being planned. While still only on the drawing board, the 200 floor Nakeel Tower is set to overtake any other building. The only other city to boast more than one super tower is Chicago, home to the 108 floor Sears Tower and 100-storey John Hancock Centre. According to local papers Dubai currently has 390 completed high-rises with an additional 321 under construction and 551 planned. At least 9 of the buildings are taller than 984 feet compared to 6 in Chicago and Hong Kong. Despite being surrounded by countries with vast oil reserves such as fellow Emirate Abu Dhabi or the world's number one oil producer Saudi Arabia, Dubai has relatively little oil and other natural resources. This led the government, under Sheikh Mohammed Al Maktoum, to engage in a diversification of the economy, turning a sleepy fishing village into a global financial and transportation hub in sixty years. By offering generous terms to foreign companies, many set up offices in the city. The ensuing demand in both housing and office space fueled the construction industry, which in turn, became a vital part of the success story. Initial estimations that the Emirate seemed resistant to the economic crisis, were countered when six months later the delayed impact of the crisis hit Dubai. The ruler of Dubai, Sheikh Mohammed Al Maktoum, was recently quoted as describing the economic crisis as a "passing cloud". Over the last year, local papers have been reporting falling rent prices due to decreasing demand, as many foreigners are leaving the region after losing their jobs. On the same day that the Pentominium tower was announced, the main English language newspaper in neighboring Abu Dhabi, The National, carried an article on the number of abandoned luxury cars that could be found all over the city after their owners had left the country. Source: The Media Line 7 Sept 2009