Otis Wins Modernization Project And 10-Year Service Contract Extension For Burj Khalifa
Portfolio Pulse from Benzinga Newsdesk
Otis Worldwide Corporation (NYSE: OTIS) has been awarded a project by Emaar Properties to modernize 34 elevators and all eight escalators in the Burj Khalifa, the world's tallest building. The contract also includes a 10-year service extension for maintaining these units. Otis, having installed the original elevators and escalators in 2010, will leverage its global experience from projects like the Empire State Building to ensure minimal disruption and enhanced efficiency. The modernization will feature an upgraded Elevator Management System for improved operational efficiency.
March 06, 2024 | 1:03 pm
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Otis Worldwide Corporation is set to modernize elevators and escalators in the Burj Khalifa, including a 10-year service contract extension, showcasing their continued trust and expertise in handling iconic global projects.
The contract for modernizing the Burj Khalifa's elevators and escalators, coupled with a 10-year service extension, not only solidifies Otis's position as a leader in the vertical transportation industry but also promises steady revenue from the service contract. Given the iconic status of the Burj Khalifa and Otis's role in maintaining its vertical transportation systems, this project is likely to enhance Otis's market reputation and could positively influence investor sentiment.
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