The Emerald Palace Kempinski is based on classical European royal residences, with pink Portuguese marble, golden furniture, and handmade French carpets.
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00:00Dubai is set to receive its latest palace as the 2.5 billion dirham Emerald Palace Kempinski
00:08opens on the Palm later this month.
00:11It's one of the most expensive hotels in the world with only 391 rooms.
00:16It's built by Armenian businessman Niver Mikotarian and Emirates MBD and together they
00:23say it's the first ever European palace style hotel to come to Dubai.
00:29The property is made out of Portuguese marble and gold and diamonds with imported handmade
00:35carpets from Paris.
00:37Of course it is only for the top 1% of customers with rooms starting at around 2,500 dirhams.
00:44It will join a host of other hotels entering the Palm over the next 12 months in what many
00:50see as potentially oversupplying the number of hotel rooms on the already packed Palm.
00:57Elsewhere the US Fed are expected to hike rates sometime this week from between 2.25%
01:04to 2.5% hike and around 75% of economists polled believe they do indeed believe that
01:12the rate hike will go ahead.
01:14Although it comes at a stormy time where President Donald Trump has taken aim at the Fed Chairman
01:19Jerome Powell over what he believes to be an aggressive interest rate increase policy.
01:26Of course this means the UAE's central bank will be increasing rates this week as the
01:31Emirati dirham is pegged to the US dollar.
01:35And lastly local retailer Marker has seen its CEO Benoit Lemonnier resign this week
01:41due to personal reasons.
01:43The company went five months last year without a CEO at the helm and is yet again finding
01:49itself without a top executive.
01:53The retailer has posted a 90% loss in the value of its share price this year.
01:59It's one of the worst performing stocks on the DFM and it most recently had to issue
02:04a capital extinguishing of 450 million dirhams to extinguish those losses that it's incurred.
02:12So a bad, bad year for Marker.
02:15That's all from us today.
02:16Thanks very much for watching.
02:17We'll be back tomorrow with another business wrap.
02:19I'm Ed Clouse.
02:20Have a great day.