DUBAI, 9 October 2005 — Emaar, the world’s Number one real estate developer in terms of market capitalization, on Friday signed a landmark AED3.216 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 on Friday in Seoul, South Korea where Emaar Chief Executive Officer A. J. 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 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,” Jaganathan said.