London Gate, the developer behind the latest "iconic" tower launch in Dubai, is planning to launch further similar-sized projects in the near future, it said on Tuesday.
The developer unveiled the design and interiors for its Franck Muller Aeternitas tower in Dubai Marina, a collaboration with the Swiss luxury watch manufacturer that is billed as the world's tallest branded residential clock tower.
The launch at Ritz Carlton DIFC took place in a ballroom packed with more than 1,500 people, the majority of whom were brokers.
At 450 metres, the tower will be one of the tallest in the city when completed, and just 22 metres shorter than the world's tallest residential building, Central Park Tower in New York.
The launch event, which included a curtain-reveal of the tower, unveiled a collection of 649 one-, two- and three-bedroom apartments, as well as duplexes called Sky Mansions and Sky villas, spread over 106 floors.
The pricing for each apartment is Dh1,800 per square foot, slightly above the average price of Dh1,653 per square foot reported by CBRE in December. The pricing means the entry point for a one-bed starts at Dh1.6 million ($0.44 million). The tower's total sales value is more than Dh2 billion, London Gate said.
It (the clock) will be visible from five or six kilometres on any clear day with proper lighting
Erol Baliyan,
Franck Muller
As with every branded building, Franck Muller Aeternitas comes with luxury amenities, including a Zen garden, private cinema, cigar lounge, library, spa, yoga room and 24/7 concierge services.
In what could be considered a reminder of the days when luxury cars were offered with properties to entice buyers, each apartment sold comes with the promise of a limited edition Franck Muller watch.
It won’t, however, be a Franck Muller Aeternitas watch, which are valued at $2.5 million.
“Depending on the apartment you buy – entry-level, mid-level and then expensive – we're going to do a three-segment depending on which apartment you're going to get and it will be gifted at the handover," Erol Baliyan, managing director, Franck Muller MENA & India, told The National.
The large clock, measuring 40 metres by 30 metres, will be built in Germany by the same company that manufactured the clock in Makkah's tower and will be visible from several kilometres away.
"After the clock tower in Makkah, it’s going to be the second biggest clock tower," Mr Baliyan said.
“The dial that you see is exactly the same dial of a Long Island model, a Franck Muller iconic model. The numbers are also going to be the same – it will be a Franck Muller watch dial.
“The idea is to show the time and at that magnitude, it's going to be a working clock.
“It will be visible from five or six kilometres on any clear day with proper lighting.”
He said the tower's interior will be finished to an extremely high standard and detail, in keeping with the Franck Muller brand.
"As a brand, with our partner London Gate, we’re going to assure the quality and design in the building, because when you bring a brand, as a brand you need to ensure that you keep the brand quality and image," he said.
“It’s going to be the first one and obviously as a branded residence, we're going to have the amenities – all that comes with a high-end luxury branded tower."
Mr Baliyan said every corridor will have clocks, with a clock showing the time in certain major cities in the lobby.
"You will see Franck Muller in every corner, the DNA of Franck Muller," he said.
New projects
Dubai is among the world's busiest markets for luxury homes. Knight Frank said Dubai’s prime markets will grow 5 per cent this year, driven primarily by supply limitations and a resurgence in demand from key source markets such as China and India.
Until relatively recently, London Gate focused on build-to-rent projects before changing its business strategy and launching several luxury projects.
In November, it launched three projects – an apartment project in Jumeirah Village Triangle which sold out on the day of the launch and two apartment buildings in Al Furjan, which sold out over a three-week period.
Buoyed by their success and the strength of the market, London Gate is hoping to see similar demand for the Franck Muller Aeternitas tower, with 30 floors launched for sale on Tuesday.
The building is the former Marina 106 project that was started many years ago but was never completed. London Gate said it is expected to be completed in Q2, 2027.
"I think just because of the sheer volume of properties, at 649 properties, I think if we get to probably over the next eight weeks through to maybe 80 to 85 per cent, then we've done a really good job," said Tom Hill, media relations coordinator with London Gate.
"There haven't been many launches in Dubai Marina in the last few years. There's a scarcity of land in Dubai Marina, so all those things, along with what we're bringing as a developer, mean that we have high interest in the project."
Both London Gate and Franck Muller plan to announce further projects in the near future, but were coy about confirming if they will be together again.
Mr Baliyan said there were more Franck Muller branded projects coming in Dubai.
“We’re working on multiple projects. We will reveal them soon," he said.
Eman Taha, chief executive of London Gate, confirmed it will announce new projects soon, valued at a total of Dh8 billion (including the Dubai Marina tower).
"We have two major real estate projects in the real estate sector coming very soon. One of them will be branded," she told The National.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Defined benefit and defined contribution schemes explained
Defined Benefit Plan (DB)
A defined benefit plan is where the benefit is defined by a formula, typically length of service to and salary at date of leaving.
Defined Contribution Plan (DC)
A defined contribution plan is where the benefit depends on the amount of money put into the plan for an employee, and how much investment return is earned on those contributions.
In Search of Mary Shelley: The Girl Who Wrote Frankenstein
By Fiona Sampson
Profile
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Section 375
Cast: Akshaye Khanna, Richa Chadha, Meera Chopra & Rahul Bhat
Director: Ajay Bahl
Producers: Kumar Mangat Pathak, Abhishek Pathak & SCIPL
Rating: 3.5/5
Ads on social media can 'normalise' drugs
A UK report on youth social media habits commissioned by advocacy group Volteface found a quarter of young people were exposed to illegal drug dealers on social media.
The poll of 2,006 people aged 16-24 assessed their exposure to drug dealers online in a nationally representative survey.
Of those admitting to seeing drugs for sale online, 56 per cent saw them advertised on Snapchat, 55 per cent on Instagram and 47 per cent on Facebook.
Cannabis was the drug most pushed by online dealers, with 63 per cent of survey respondents claiming to have seen adverts on social media for the drug, followed by cocaine (26 per cent) and MDMA/ecstasy, with 24 per cent of people.
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
SPECS
Toyota land Cruiser 2020 5.7L VXR
Engine: 5.7-litre V8
Transmission: eight-speed automatic
Power: 362hp
Torque: 530Nm
Price: Dh329,000 (base model 4.0L EXR Dh215,900)
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
KILLING OF QASSEM SULEIMANI
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
