UAE Non-Oil Business Activity Surges to Nine-Month High in December

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 The United Arab Emirates' non-oil private sector recorded its fastest expansion in nine months in December 2024, buoyed by strong domestic demand and increased business activity, according to the latest S&P Global Purchasing Managers’ Index (PMI) report. PMI Highlights Robust Growth The seasonally adjusted UAE PMI climbed to 55.4 in December from 54.2 in November, signaling robust growth well above the 50.0 threshold that separates expansion from contraction. This marked the third consecutive monthly increase, underscoring sustained recovery in the non-oil sector. Key drivers of growth included a notable rise in new business activity. The new orders subindex rose sharply to 59.3 in December from 58.0 in the previous month, reflecting strong domestic demand. Challenges Amid the Growth While domestic demand flourished, export growth slowed, with the export orders subindex dropping to a seven-month low. Additionally, businesses faced mounting backlogs due to capacity constraints,...

New Dubai skyscraper by Binghatti, World’s tallest ‘residential tower’

 

Dubai skyscraper

The world's tallest residential building is slated to be the new Binghatti skyscraper in Dubai. While doing so, the developer created the term "hyper-tower."

For the initiative, Binghatti has partnered with Jacob & Co, a high-end jewellery and watch company.

According to Muhammad Binghatti, CEO and Head of Architecture of Binghatti, "What Binghatti has done in real estate is quite similar to what Jacob & Co. has done in the world of jewellery and horology by developing a brand via a distinct design philosophy and architectural identity."

The new tower will be located in Business Bay, and it will have more than 100 stories.

At 472.4 metres, the Central Park Tower in New York is now the tallest entirely residential building in existence. Existing towers in Dubai that fit the similar profile are the Princess Tower, which stands at 414 metres, and 23 Marina, which stands at 392.75 metres.

The new tower's aesthetics will be influenced by the partnership with Jacob & Co. According to Binghatti, "we were inspired by the intricate horological movements that beat in Jacob & Co timepieces and we integrated them into the major features of the tower. "The diamond-shaped spires at the top of the tower are ornaments of exceptional fineness inspired by the design of Jacob & Co's precisely cut stones, like a real crown. This is the pinnacle of the luxury narrative in this stirring construction, a distinguishing element that accentuates the magnificence of the metropolitan skyline.

In Dubai, the Rolex Tower on Sheikh Zayed Road already bears the logo of a watchmaker.

Binghatti has checked that particular box in accordance with the demand trends that are already in place and those that will emerge for ultra-luxury penthouses in Dubai. Five penthouses will be available in the tower, which pays homage to Jacob & Co.'s history in the watch- and jewellery industries.

Three different styles of penthouses will be available, each named after a signature Jacob & Co. timepiece: Fleurs De Jardin, Astronomia, and Billionaire. The same factors will have an impact on the collection of penthouse interior designs.

The "crown jewel" of the hyper-tower will be a "Billionaire Penthouse." remarked Jacob Arabo, the company's chairman and creative director. This partnership provides a fresh approach for us to live up to our tagline, Inspired by the Impossible. It is a resolve to push past restrictions and tear down barriers. Inventiveness and creativity are what motivate us.

A developer in Dubai has already set his sights on a new height record; the CIEL project in Dubai Marina will be the world's tallest hotel building. The Uptown Tower in the JLT region and Deyaar's Regalia in Business Bay are two further extremely tall buildings currently under construction. On Shaikh Zayed Road, the Sobha company just opened a landmark high-rise, and Azizi has purchased a prominent parcel of land along the same stretch of road with the declared goal of building something "Dubai has never seen before."

 

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