Palm Jumeirah is home to Dubai’s most expensive penthouse at Dh102 million

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Above, an artist illustration of the One Palm development by Omniyat. (Courtesy Omniyat)
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Above, an artist rendering of the living room at the Dh102-million penthouse at One Palm. (Courtesy Omniyat)
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The 20-meter long lap pool was requested by the unnamed buyer. (Courtesy Omniyat)
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Exterior view of the One Palm development by Omniyat. (Courtesy Omniyat)
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Above, an illustration of the lobby of One Palm development by Omniyat. (Courtesy Omniyat)
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Above, a rendering of one of the bedrooms inside Dubai’s most expensive penthouse at One Palm. (Courtesy Omniyat)
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A view from the terrace of Dubai’s most expensive penthouse at One Palm. (Courtesy Omniyat)
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The terrace of Dubai’s most expensive penthouse at One Palm offers uninterrupted view of the Arabian Gulf. (Courtesy Omniyat)
Updated 13 September 2017

Palm Jumeirah is home to Dubai’s most expensive penthouse at Dh102 million

DUBAI: A Gulf-based national is now the proud owner of Dubai’s most expensive penthouse costing a mind-blowing Dh102 million, beating the previous record of Dh60 million.
Omniyat Group founder and chief executive Mahdi Amjad said the 29,800-square foot property, one of the three penthouses at the One Palm development in Palm Jumeirah, was sold to the unnamed buyer who had one specific request: a 20-meter long lap pool so he could swim in private.
“It is a strategic investor from the GCC [Gulf Cooperation Council],” Amjad said. “He’s moving into Dubai and it’s his permanent home.”
Aside from the private pool, the penthouse features uninterrupted views of Dubai Marina’s skyline and the Arabian Gulf even from the five en-suite bathrooms and several living areas; 11,500 square feet of exterior space including balconies and terraces and interior arrangements from London-based luxury design studio Elicyon.
Amjad said that the sale was a vindication of Omniyat’s strategy of building exclusive, super-prime properties in the city, adding that the buyer was a sophisticated owner who already owned properties in New York and Hong Kong.
Omniyat said it had topped out the One Palm development and would now complete in 2018.
The company is now in talks with potential buyers for the remaining two penthouses at One Palm, with options of either combining them or keeping them as two separate units to be offered to the market.
“We are in discussion for those two other penthouses as well. We have two offers that have been made — one family would like to combine them, one family would like to separate them. It’s a very bespoke product,” Amjad said.

Merkel seeks united front with China amid Trump trade fears

Updated 22 May 2018

Merkel seeks united front with China amid Trump trade fears

  • Merkel seeks common ground to ward off trade war
  • Plans complicated by US policy moves

Chancellor Angela Merkel visits China on Thursday, seeking to close ranks with the world’s biggest exporting nation as US President Donald Trump shakes up explosive issues from trade to Iran’s nuclear deal.

Finding a common strategy to ward off a trade war and keep markets open will be Merkel’s priority when she meets with President Xi Jinping, as Washington brandishes the threat of imposing punitive tariffs on aluminum and steel imports.

“Both countries are in agreement that open markets and rules-based world trade are necessary. That’s the main focus of this trip,” Merkel’s spokeswoman Martina Fietz said in Berlin on Friday.

But closing ranks with Beijing against Washington risks being complicated by Saturday’s deal between China and the US to hold off tit-for-tat trade measures.

China’s economic health can only benefit Germany as the Asian giant is a big buyer of Made in Germany. But a deal between the US and China effectively leaves Berlin as the main target of Trump’s campaign against foreign imports that he claims harm US national security.

The US leader had already singled Germany out for criticism, saying it had “taken advantage” of the US by spending less than Washington on NATO.

Underlining what is at stake, French Economy Minister Bruno Le Maire warned the US-China deal may come “at the expense of Europe if Europe is not capable of showing a firm hand.”

Nevertheless, Merkel can look to her carefully nurtured relationship with China over her 12 years as chancellor.

No Western leader has visited Beijing as often as Merkel, who will be undertaking her eleventh trip to the country.

In China, she is viewed not only as the main point of contact for Europe, but, crucially, also as a reliable interlocutor — an antithesis of the mercurial Trump.

Devoting her weekly podcast to her visit, Merkel stressed that Beijing and Berlin “are both committed to the rules of the WTO” (World Trade Organization) and want to “strengthen multilateralism.”

But she also underlined that she will press home Germany’s longstanding quest for reciprocity in market access as well as the respect of intellectual property.

Ahead of her visit, Beijing fired off a rare salvo of criticism.

China’s envoy to Germany, Shi Mingde, pointed to a “protectionist trend in Germany,” as he complained about toughened rules protecting German companies from foreign takeovers.

Only 0.3 percent of foreign investors in Germany stem from China while German firms have put in €80 billion in the Asian giant over the last three decades, he told Stuttgarter Nachrichten.

“Economic exchange cannot work as a one-way street,” he warned.

Meanwhile, looming over the battle on the trade front is another equally thorny issue — the historic Iran nuclear deal, which risks falling apart after Trump pulled the US out.

Tehran has demanded that Europe keeps the deal going by continuing economic cooperation, but the US has warned European firms of sanctions if they fail to pull out of Iran.

Merkel “hopes that China can help save the atomic deal that the US has unilaterally ditched,” said Die Welt daily.

“Because only the giant emerging economy can buy enough raw materials from Iran to give the Mullah regime an incentive to at least officially continue to not build a nuclear weapon.”