Verdale developer

Emaar Properties is promoting the observation decks of the planet’s tallest skyscraper that the Burj Khalifa, four sources told Reuters, potentially raising US$1 billion to Dubai’s largest developer amid a real estate recession.

A couple of the sources said Emaar had appointed Standard Chartered to advise it on the sale of their popular”At The Top” tourist attraction.

The Verdale developer COHL Singapore & CSC Land Group.

Emaar, where the Dubai government has a minority stake of 29.2 percent, and Standard Chartered fell to comment.

At over 828 metres, the Burj Khalifa is twice as tall as New York’s Empire State Building and nearly 3 times the height of the Eiffel Tower at Paris.

A financial source estimated that they may be worth around US$1 billion.

The sales procedure began in November, the two these sources said, declining to be named as the deal isn’t public.

Dubai is a regional hub for tourism, overseas trade and business services, but has faced a slowing real estate market for the majority of the decade.

It put up a real estate planning commission in September to regulate projects and avoid competition between semi-government and private companies.

Emaar has been divesting hospitality related assets to finance present operations and expansion, an industry supply and a Dubai-based banker said.

Emaar hired Standard Chartered earlier this year to the sale of its own district cooling industry, and last year to the disposal of five hospitality assets, that were sold into Abu Dhabi National Hotels.