Burj Khalifa Developer Eyes Italy in Global Property Push

The man who developed the world’s tallest tower in Dubai has set his sights on Italy, joining a string of other builders from the city in making global investments.

Mohamed Alabbar, who heads Dubai’s Emaar Properties PJSC as well as Abu Dhabi-based Eagle Hills Properties LLC, bought the Castello di Antognolla in Umbria for about $55 million and is planning to spend up to $145 million developing a resort at the Italian castle. The investment in the castle is his own and not through either company, he said.