A 79-floor skyscraper under construction in Dubai, which was inspired by the shape of a diamond, has been described as the next iconic building in the city’s skyline.
Uptown Tower, close to the Jumeirah Lakes Towers community, will stand at 340 metres once completed, with work expected to conclude towards the end of this year.
The developer behind the project says it has been built in response to a growing need for office and commercial space, despite the continuing Covid-19 pandemic.
The National went on an exclusive hard-hat tour of the building to take a closer look.
Uptown Tower was inspired by the shape of a diamond
Sanna Farooq,
development director with DMCC
“This is a new icon that will be the first thing people coming to Dubai from Abu Dhabi or Al Maktoum Airport will see,” said Ahmed bin Sulayem, chief executive of Dubai Multi Commodities Centre, the free zone behind the skyscraper.
The building, which will be the 14th tallest in Dubai once completed, will be mixed-use with offices and residential units, along with a SO Sofitel five-star hotel.
The project is another sign of how strongly the UAE is performing despite the pandemic, Mr bin Sulayem said.
“You just cannot miss this country because it stands out so much,” he said. “Just look at the numbers of people who are driving to the Expo every night.
“There are still people coming to Dubai in huge numbers from other countries who have never been here before.”
The 79-storey tower was created out to provide more office space and accommodation to cater the emirate’s continued growth, Mr bin Sulaymen said.
“The demand for services in Dubai is increasing all the time,” he said. “It is rivalling the traditional centres of the world and while the pandemic shocked a lot of people, Dubai proved itself during that time.”
More than 23,000 vehicles were involved in delivering around 140,000 cubic metres of concrete to Uptown Tower.
The skyscraper is reinforced by more than 30,000 tonnes of steel.
The ballroom will more than 1,500 people and there are more than 20 kitchens in the tower, said Mr bin Sulayem.
The building has also been created with sustainability at its core, he said.
It has been designed to save 15 per cent more energy than the average standard commercial building.
DMCC said at least 20 per cent of the materials were manufactured and bought within a 160km radius.
There are 22 floors dedicated to commercial use with another 10-storeys set aside for the hotel when it opens.
The building has a theme that is very much in keeping with Dubai’s reputation as a city full of glittering towers and attractions.
“Uptown Tower was inspired by the shape of a diamond as DMCC does a lot of trade in diamonds and gold,” said Sanna Farooq, development director with DMCC.
“That’s why you see a cubic shape to it. People are already talking about how beautiful it is.”
She said Dubai’s iconic Burj Khalifa, the world’s tallest building standing at 828 metres, was the only building that could be directly compared to Uptown Tower.
“Undertaking the building of a mixed-use skyscraper is not a joke. There is a lot of risk involved and many people have promised to deliver in the past and haven’t been able to,” said Ms Farooq.
“If it was easy the whole world would be doing it.
“You seldom see a mixed-use skyscraper because of how complicated it is to pull off.
“The Burj Khalifa is probably the only other super tall building that has managed it. Most buildings like this tend to be either fully commercial or fully residential.”
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1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
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At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
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High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
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The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
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Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
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