Mercedes debuts $1B luxury tower in Dubai, apartments will cost up to $10M each

Published

1 year ago

February 2, 2024

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Mercedes-Benz debuted a $1 billion residential luxury tower in Dubai, where apartments are expected to cost as much as $10 million each.

Dubbed “Mercedes-Benz Places,” the upscale auto company announced its venture into the real-estate world on Instagram on Thursday, which it’s doing with the help of Emirati developer Binghatti.

The 65-story building is expected to rise approximately 1,118 feet above downtown Dubai’s bustling metro when it’s complete in the fourth quarter of 2026, according to United Arab Emirates-based business news site ZAWYA.

For reference, New York City’s Chrysler Building stands 1,048 tall.

It’s home to 150 apartments, starting at $2.7 million, with the promise of “unobstructed views of the world’s tallest tower,” the nearly 3,000-foot-tall Burj Khalifa, according to Mercedes’ website.

Per the German automaker’s Instagram post on the joint development, the glass-encased Mercedez-Benz Places — whose “distinctive elliptical exterior thats reminiscent of the flowing lines of a host of ultra-modern Mercedes-Benz cars” — is meant to “underline [the company’s] strategy to strengthen its position as the worlds most desirable automotive brand.”

Binghatti is the first of its kind for an automaker, according to Bloomberg.

Binghatti, meanwhile, also has an ongoing residential project with fellow luxury car manufacturer Bugatti, which tapped the real-estate developer for a project that will include elevators to transport cars to penthouses, which broke ground in Dubai last year, Bloomberg reported.

The firm has already sold 32 of the 182 residences in the Bugatti Residences, with buyers shelling out as much as $2,620 per square foot some of the highest prices Dubai has seen, per the outlet.

Binghatti wouldn’t disclose how many apartments had been sold in the Mercedes-branded tower, only disclosing to Bloomberg that it sold all the residences available in its first phase.

Binghatti also has a partnership with upscale jewelry and watch firm Jacob & Co. for what’s set to become the worlds tallest residential building located in the wealthy Emirati city.

Despite recent warnings that there are “massive” issues within the commercial real-estate sector, Binghatti’s chief executive Mohammed Binghatti reportedly isn’t worried about a slowdown, per Bloomberg.

The firm has spent $330 million on land in the past three months alone, and Binghatti told the outlet: Were definitely going to see more growth this year and the following year.”

There is clear wealth migration coming to Dubai and an increase in the population, which provides room for organic growth in the market,” he added.

People who come to Dubai, a lot of them already have the liquidity to deploy. They want a safe haven to invest.

Representatives for Mercedes and Binghatti did not immediately respond to The Post’s request for comment.

In the US, however, the real estate market was likened to “a slow-moving train wreck” by Larry McDonald, the founder of financial analysis firm The Bear Traps Report.

Since the pandemic, New York City has been in a so-called urban doom loop caused by an influx of working from home during the pandemic a trend that has stuck despite return-to-office mandates.

The doom loop concept is defined by empty office towers, which destroy the quality of life and eventually drive residents out.

In the Big Apple, occupancy has only bounced back to 48.4% since the pandemic.

At the start of 2020, however, office occupancy was a strong 90% before it plummeted to 10% upon the outbreak of COVID-19.

After shouldering a wave of defaults from landlords,banks are sitting on as much as $160 millionin losses on loans to the commercial real estate market, according to researchers from Columbia, Stanford, the University of Southern California, and Northwestern, per aworking paper publishedby the National Bureau of Economic Research last month.

The grim findings support an earlier calculation by Morgan Stanley that showed lenders would need to negotiate more than $1.5 trillion of their commercial real estate portfolios by the end of 2025 in order to avert defaults.

Politics

US Senate moves forward with GENIUS stablecoin bill

Published

4 hours ago

May 20, 2025

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US Senate moves forward with GENIUS stablecoin bill

The US Senate has voted to advance a key stablecoin-regulating bill after Democrat Senators blocked an attempt to move the bill forward earlier in May over concerns about President Donald Trump’s sprawling crypto empire.

A key procedural vote on the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, passed in a 66-32 vote on May 20.

Several Democrats changed their votes to pass the motion to invoke cloture, which will now set the bill up for debate on the Senate floor.

Republican Senator Cynthia Lummis, one of the bill’s key backers, said on May 15 that she thinks it’s a “fair target” to have the GENIUS Act passed by May 26 — Memorial Day in the US.

Government, United States, Stablecoin — *The US Senate voted 66-32 to advance debate on the GENIUS stablecoin bill. Source:* *US Senate*

The GENIUS Act was introduced on Feb. 4 by US Senator Bill Hagerty and seeks to regulate the nearly $250 billion stablecoin market — currently dominated by Tether (USDT) and Circle’s USDC (USDC).

The bill requires stablecoins be fully backed, have regular security audits and approval from federal or state regulators. Only licensed entities can issue stablecoins, while algorithmic stablecoins are restricted.

Several Democratic senators withdrew support for the bill on May 8, blocking a motion to move it forward, citing concerns over potential conflicts of interest involving Trump’s crypto ventures and anti-money laundering provisions.

The bill was revised soon after to receive enough bipartisan support to proceed to a vote.

Hagerty’s stablecoin bill builds on the discussion draft he submitted for former Representative Patrick McHenry’s Clarity for Payment Stablecoins Act in October.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Entertainment

‘I recognise the error and upset caused’ – Gary Lineker releases statement as BBC departure confirmed

Published

5 hours ago

May 20, 2025

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'I recognise the error and upset caused' - Gary Lineker releases statement as BBC departure confirmed

Gary Lineker has confirmed he is leaving the BBC after this season’s Match Of The Day and will no longer present its World Cup coverage.

It comes after the 64-year-old “apologised unreservedly” for sharing a social media post illustrated with a rat – which has been used to represent Jewish people in antisemitic propaganda, including Nazi Germany.

In a statement on Monday, Lineker said: “Football has been at the heart of my life for as long as I can remember – both on the pitch and in the studio.

“I care deeply about the game, and about the work I’ve done with the BBC over many years. As I’ve said, I would never consciously repost anything antisemitic – it goes against everything I stand for.

“However, I recognise the error and upset that I caused, and reiterate how sorry I am. Stepping back now feels like the responsible course of action.”

Analysis: BBC can breathe easier after Lineker leaves

Lineker said he deleted the post when he learned about the rat’s symbolism, adding he would “never knowingly share anything antisemitic”.

In a separate video posted to Instagram, the pundit added: “I’ve stood up for minorities and humanitarian issues and against all forms of racism all of my life, including, of course, antisemitism, which I absolutely abhor.

“There’s no place for it and never should be.”

He went on to thank the “brilliant, talented” people he has worked with and described his relationship with the BBC as “long and wonderful”.

He added: “But it’s the right time for the organisation and myself to go our separate ways.”

Lineker’s last appearance on the BBC will be on Sunday 25 May, the final day of the season.

What are the BBC guidelines on impartiality?

Gary Lineker signed a five-year deal with the BBC in 2020, under which he agreed to adhere to their impartiality rules.

The rules were then updated after his return to Match Of The Day in 2023.

The latest regulations say high-profile BBC presenters should be able to express their views on political issues as long as they stop short of campaigning.

It does not clarify what would constitute political campaigning for the big-name presenters.

The guidelines also stress the importance of “high standards of civility in public discourse”, which includes treating others with respect, even in the face of abuse and not using offensive or aggressive language.

The policy only applies to presenters outside of its news coverage. News presenters are still subject to stricter impartiality guidelines.

‘A defining voice in football coverage’

Also confirming Lineker’s exit, BBC director general Tim Davie said: “Gary has acknowledged the mistake he made. Accordingly, we have agreed he will step back from further presenting after this season.

“Gary has been a defining voice in football coverage for the BBC for over two decades. His passion and knowledge have shaped our sports journalism and earned him the respect of sports fans across the UK and beyond.

“We want to thank him for the contribution he has made.”

Alex Kay-Jelski, the BBC’s director of sport, said in an email sent to staff that it had been a “difficult” and “emotional” week.

He went on to say: “It is sad to be saying goodbye to such a brilliant broadcaster and I also want to thank Gary for his years of service. As ever, if you have questions, you know where I am.

“Let’s finish the season strongly with Gary’s final show, enjoy an incredible summer of sport and look forward with excitement to what lies ahead.”

Lineker announced in November he would step down from Match Of The Day this year, but was set to return to front the World Cup in 2026, as well as FA Cup coverage.

The former England star was temporarily suspended from the BBC in March 2023 after an impartiality row over comments he made criticising the then Conservative government’s asylum policy.

He will be replaced on Match Of The Day by Gabby Logan, Kelly Cates and Mark Chapman, who will share the presenting role from the next Premier League season.

Lineker has hosted Match Of The Day since 1999 and has been the BBC’s highest-paid on-air talent for seven consecutive years.

He joined the programme having started as a BBC Radio Five Live presenter, also working on the broadcaster’s former flagship sports show Grandstand during his early years in broadcasting.

The Leicester-born presenter is also the co-founder of podcast producing company Goalhanger, which makes the popular The Rest Is History series and its spin-offs about politics, football, entertainment and money.

His parting ways with the BBC also includes the licensing deal for Goalhanger podcast titles on BBC Sounds, which ends this year, the PA news agency reported.

Entertainment

BBC can breathe easier that fallout from Lineker’s social media won’t land at its door

Published

5 hours ago

May 20, 2025

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BBC can breathe easier that fallout from Lineker's social media won't land at its door

Did having a social conscience force Gary Lineker off the BBC? Or was becoming increasingly vocal politically just too problematic?

The former England captain was given an exemption, as a freelancer working outside of news and current affairs, from impartiality rules the BBC’s staff have to abide by – despite being the broadcaster’s highest earner at £1.35m.

That meant he was even handed BBC primetime coverage recently, in which he critiqued the BBC’s coverage of the Middle East conflict, disputing the news side’s decision-making.

Silence on Gaza, he claimed, equates to complicity.

And Lineker has sought to show empathy with those suffering in Gaza and the mounting Palestinian death toll from IDF strikes, which Israel says are targeted at Hamas.

He has, however, faced accusations of inconsistency by being silent on other conflicts in Sudan and Yemen.

And also for showing little public concern for hostages taken by Hamas during the terror of 7 October – including Emily Damari, a fan of one of his former clubs, Tottenham Hotspur.

Highly-selective commentaries have been shared, often from fringe groups.

And then came last week’s rat emoji, which appeared on an anti-Zionist post shared on Instagram, which Lineker reposted and said he later deleted when he learned about the rat’s symbolism.

Images of rats have in the past been used to represent Jewish people in antisemitic propaganda, including in Nazi Germany.

The incident produced an unprecedented apology from the ex-footballer, who said he was unaware of connotations offensive to Jewish people.

As BBC Director General Tim Davie said: “The BBC’s reputation is held by everyone, and when someone makes a mistake, it costs us.”

The lack of public response from the BBC to Lineker’s apology made his future seem increasingly untenable.

Now, three decades broadcasting on the BBC will end under a cloud of controversy rather than celebration.

Lineker is even freer to give opinions – particularly through his podcast empire – and many do want to listen to him and welcome his status being used to highlight the plight of the besieged.

But the BBC can breathe easier knowing the fallout from social media posts won’t land at the corporation’s door.