The Torch in Dubai Marina will stake its claim as the world's tallest residential building when it begins handing over apartments this month. Last Updated: May 01, 2011 <strong>Enoc left to pick up Dh4 billion oil bill</strong> Emirates National Oil Company says it faces a Dh4.2 billion bill from supplying cheap fuel as oil prices soar. <a href="http://www.thenational.ae/business/energy/enoc-left-to-pick-up-dh4bn-oil-bill">Read article</a> <strong>Ghost town with a Dh2.5 billion pricetag</strong> The La Hoya Bay project in Ras al Khaimah is still stalled, nine months after the developer announced a construction deal. <a href="http://www.thenational.ae/business/property/ghost-town-with-dh2-5bn-price-tag">Read article</a> <strong>Frustration for iPad2 fans as demand outstrips supply </strong>Widespread shortages of the iPad 2 come amid news that Apple has overtaken Microsoft for the first time in 20 years. <a href="http://www.thenational.ae/featured-content/channel-page/business/technology/frustration-for-ipad-2-fans-as-demand-outstrips-supply">Read article</a> <strong>Journey to cavernous future for oil </strong>Industry Insights: Singapore's Jurong Rock Caverns look like a scene from science fiction, but once completed they will transform 21st-century oil by helping to ease a shortage of space the industry faces. <a href="http://www.thenational.ae/thenationalconversation/industry-insights/energy/journey-to-cavernous-future-for-oil">Read article</a> <strong>A drive for bigger Volvo sales in the UAE </strong>Volvo is expanding its showrooms in the UAE on the back of burgeoning customer demand. <a href="http://www.thenational.ae/featured-content/channel-page/business/middle-teasers-list/a-drive-for-bigger-volvo-sales-in-uae">Read article</a> The 343-metre Dh665 million (US$182 million) tower will surpass the Q1 tower on the Gold Coast of Australia, the record holder for the last six years, which measures 323 metres. <a href="gopher://topicL3RoZW5hdGlvbmFsL1N1YmplY3RzL0J1cmogS2hhbGlmYQ==" inlink="topic::L3RoZW5hdGlvbmFsL1N1YmplY3RzL0J1cmogS2hhbGlmYQ==">Burj Khalifa</a>, the world's tallest building at 828 metres, includes apartments but it is not considered a residential tower. To be included on the Council on Tall Buildings and Urban Habitat residential list, a tower must be at least 90 per cent residential The 86-storey Torch, developed by the Select Group, is 100 per cent residential, with 676 apartments. But it's claim to the tallest residential tower designation may be short lived. The Princess Tower, also in Dubai Marina, has already topped out at 414 metres and it is expected to open sometime this year. Another Dubai Marina tower under construction, the Pentominium, is planned to reach 516 metres, passing both the Torch and the Princess Tower. But the Pentominium is at least a year away from completion. Rahail Aslam, chief executive officer of the Select Group, said the building was never planned as the "world's tallest." But he is happy to accept the designation. "It's something to be proud of," Mr Aslam said. "How often do you build a more than 1000-foot tower? Probably once in a lifetime."