The Dubai skyline. The tallest building completed in the emirate last year was the 336-metre-high SLS Tower in Business Bay. Reem Mohammed / The National
The Dubai skyline. The tallest building completed in the emirate last year was the 336-metre-high SLS Tower in Business Bay. Reem Mohammed / The National
The Dubai skyline. The tallest building completed in the emirate last year was the 336-metre-high SLS Tower in Business Bay. Reem Mohammed / The National
The Dubai skyline. The tallest building completed in the emirate last year was the 336-metre-high SLS Tower in Business Bay. Reem Mohammed / The National

Dubai built more high-rises than any other city in 2020


Deepthi Nair
  • English
  • Arabic

More high-rises were completed in Dubai last year than in any other city in the world, a new report shows.

Twelve buildings taller than 200 metres were completed in 2020, a record for the emirate and three more than in 2019, the Council on Tall Buildings and Urban Habitat's 2020 Year in Review report showed.

“Dubai has always been one of the centres globally for tall buildings and thus this position came as no surprise,” said Christopher Seymour, managing director for consulting engineer Mott MacDonald Middle East.

“The reason there was an apparent surge in completions in 2020 was down to the upturn in commitment in investment for this type of project around five years ago, aligned with the strong property market at the time – and those projects finally came to completion.”

The tallest building completed in Dubai last year was the 336-metre-high SLS Tower in Business Bay, making it the 11th-tallest worldwide.

Rounding off the top five are the 307-metre-high Amna Tower at Habtoor City, Jumeirah Gate (303 metres) at Jumeirah Beach Residences, ICD Brookfield Place (282 metres) at DIFC and Boulevard Point (280 metres) in Downtown Dubai.

The last time Dubai topped the global ranking was in 2010, the year the world’s tallest building, the Burj Khalifa, was completed.

It broke Shenzhen’s four-year streak as the city completing the most towers.

The southern Chinese city completed nine buildings above 200 metres last year, down from 18 in 2019.

Globally, there were 106 high-rises completed last year, a 20 per cent decline on the 133 handed over in 2019.

This was the lowest number since 2014 as Covid-19 disrupted construction around the world.

2020 yielded only 106 completions of buildings 200m and taller, a 20 per cent decline from 133 in 2019.
2020 yielded only 106 completions of buildings 200m and taller, a 20 per cent decline from 133 in 2019.

The tallest building to be completed last year was Central Park Tower in New York City, at 472 metres – the first time in five years that the tallest completed building was not in China, and the first time since 2014, when One World Trade Centre completed, that the tallest building of the year was in the US.

This was also the first time since 2014 in which no building exceeded 500 metres in height.

China completed more than half the total number of buildings in the study (56), down from 57 in 2019 and 92 in 2018.

The second-most prolific country in terms of high-rise completion was the UAE, followed by the US with 10 and the UK with five. India completed three 200 metre-plus buildings in 2020, all in Mumbai.

In 2020, London completed four buildings with a height of at least 200 metres – the most in any year – despite the shadow of Brexit hanging over the city.

Three of the four are in Canary Wharf, the financial district.

The report estimates that between 125 and 150 buildings taller than 200 metres will be completed this year.

Of the top 30 projected completions this year, 18 are in China, five are in the US and three are in Saudi Arabia.

The two tallest buildings set to be completed this year are Riverview Plaza A1 in Wuhan (436 metres) and 111 West 57th Street in New York City (435 metres).

The number of towers in the UAE over the next few years is expected to fall as project launches slow amid a push to improve the supply-demand imbalance.

“In the last few years, the property market has become significantly weaker, particularly following the onset of the pandemic," Mr Seymour said.

"While we will still see completions of significant assets this year and next, the investment into new schemes is predicted to be lower.”

MATCH INFO

Manchester United v Brighton, Sunday, 6pm UAE

Squid Game season two

Director: Hwang Dong-hyuk 

Stars:  Lee Jung-jae, Wi Ha-joon and Lee Byung-hun

Rating: 4.5/5

Match info

Champions League quarter-final, first leg

Liverpool v Porto, Tuesday, 11pm (UAE)

Matches can be watched on BeIN Sports

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MATCH INFO

Quarter-finals

Saturday (all times UAE)

England v Australia, 11.15am 
New Zealand v Ireland, 2.15pm

Sunday

Wales v France, 11.15am
Japan v South Africa, 2.15pm

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Toilet cleaner

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1 cup castile soap

10-20 drops of lemon essential oil (or another oil of your choice) 

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Air Freshener

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Method:

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2. Shake well before use. 

Greatest Royal Rumble results

John Cena pinned Triple H in a singles match

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Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus

Jeff Hardy retained the United States title against Jinder Mahal

Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos

Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe

AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out

The Undertaker beats Rusev in a casket match

Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match

Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last

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Conflict, drought, famine

Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
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Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.

Band Aid

Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.

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Museum of the Future in numbers
  •  78 metres is the height of the museum
  •  30,000 square metres is its total area
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What should do investors do now?

What does the S&P 500's new all-time high mean for the average investor? 

Should I be euphoric?

No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.

So what happened?

It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.

"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."

Should I buy? Should I sell?

Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.

"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.

All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.

Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.

Will the rally last?

No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.

"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."

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