| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
DUBAI, UAE, March 6, 2024 /PRNewswire/ -- Otis Worldwide Corporation (NYSE: OTIS), the world's leading manufacturer of elevators, escalators, and moving walkways, has been selected by Emaar Properties to modernize 34 of the 57 elevators and all eight escalators in the Burj Khalifa, the world's tallest building. The contract includes servicing of all the units for an additional 10 years.
"Otis has been a reliable partner since the installation of the first elevators and escalators in 2010. The Otis team has proven their expertise in providing safe, smooth and efficient vertical mobility for our supertall building of over 828 meters and more than 160 stories and all passengers moving throughout. We trust them to apply the same level of expertise and attention during the modernization of our equipment and ensure ongoing quality service for the length of the new service contract," said Ahmed Al Matrooshi, Executive Board Member and Managing Director of Emaar Properties.
Otis installed the building's original elevators and escalators. To transport passengers to the top, two double-deck elevators travel at speeds of up to 10 meters per second, taking passengers from the ground floor to the observation deck on the 124th and 125th floors in just 60 seconds.
Since its opening, Otis technicians have been available around the clock at the Burji Khalifa to keep the tower's elevators and escalators operating at peak efficiency. The Elevator Management System, EMS Panorama, continuously monitors the system's performance, and feeds information to displays in the control room. Once modernized, the current EMS Panorama will be replaced by an upgraded version which will give building staff and Otis technicians real-time remote control of equipment and hall settings, and management of scheduled tasks. The system will also manage a full range of operation-critical functions which help enable shorter wait times and faster, more efficient journeys, such as monitoring travel, door and landing information.
Otis will bring its experience and insights gained safely modernizing other iconic projects such as the Empire State Building in USA, Egée Tower in Paris, and Elevador Lacerda in Brazil to this project to help minimize disruption to occupants and the approximately 17 million visitors who visit the world's tallest building every year.
"Otis has been present in the UAE for more than 50 years, and we are particularly proud of our work in the Burj Khalifa, which is truly an international icon," said Enrique Miñarro Viseras, Otis EMEA President. "We appreciate the trust Emaar Properties placed in us with our original equipment installation in 2010, and we are honored to be selected to modernize this equipment with the latest systems and technology and continue to provide exceptional service for the next decade."
Posted In: OTIS
