Otis and Sobha Realty Continue to Elevate Luxury Living in Dubai

Rhea-AI Summary

Otis (NYSE: OTIS), the global leader in elevator manufacturing and services, has secured a contract to provide 76 advanced elevators for Sobha Realty's Riverside Crescent project in Dubai. The installation includes 50 Otis Skyrise®, 12 Otis Arise™, and 14 Gen2® elevators.

The first phase encompasses 6 high-rise residential towers reaching 71 stories and 249 meters in height. The elevators will feature speeds up to 6 meters per second and will be equipped with EMS Panorama™ 2.0 for enhanced facility management. This project strengthens Otis's 50-year presence in the UAE and showcases their commitment to innovation in luxury residential developments.

Positive

• Secured major contract for 76 elevators in luxury Dubai development
• Project showcases advanced technology with high-speed elevators (6m/s) and EMS Panorama 2.0
• Strengthens Otis's presence in UAE luxury market

Negative

• None.

News Market Reaction

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+0.57% News Effect

On the day this news was published, OTIS gained 0.57%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

DUBAI, UAE, Aug. 4, 2025 /PRNewswire/ -- Otis Worldwide Corporation (NYSE: OTIS), the world's leading elevator and escalator manufacturing, installation and service company, will provide and install 76 elevators at the Riverside Crescent project by Sobha Realty - a leading global luxury real estate developer.

Otis will install advanced elevator systems including 50 Otis Skyrise®, 12 Otis Arise™ and 14 machine-roomless Otis Gen2^® elevators to enhance the living experience for tenants.

Located in Sobha Hartland II, the project will redefine luxury living in Dubai, offering unparalleled views and amenities.

Within the first phase of the project, which features 6 high-rise residential towers reaching 71 stories and 249 meters in height, the elevators will move at speeds up to 6 m/second and come equipped with EMS Panorama™ 2.0, providing a new dimension of control and visibility for facility teams to monitor and manage operation-critical functions.

Varughese Mathew, Chief Operating Officer of Sobha said: "At Sobha Realty, we always prioritise safety and quality in every aspect of project development. At Riverside Crescent, we want to ensure safe, smooth and efficient vertical mobility for all our residents and visitors. Our collaboration with Otis reflects a shared commitment to innovation and reliability, which helps us achieve our goals and meet our high standards."

João Penedo, Otis Senior Vice President for Iberia, Africa and Middle East said: "Otis has proudly served the United Arab Emirates for more than 50 years. Our commitment to safety, innovation, and quality aligns perfectly with Sobha Realty's vision for Riverside Crescent. Our history of successful collaboration reflects our mutual dedication to delivering exceptional solutions and meeting the high expectations of our customers. We look forward to enhancing the Riverside Crescent experience with our advanced elevator technology."

About Sobha Realty
Headquartered in Dubai, Sobha Realty is a leading backward-integrated real estate developer and construction company, renowned for redefining quality benchmarks in the industry. With over 50 plus years of excellence, Sobha has delivered meticulously crafted residential and commercial spaces across the Middle East. Driven by innovation and integrity, Sobha continues to set new standards in construction, building a legacy of trust, craftsmanship, and sustainable development. For more information, please visit Sobha Realty.

About Otis
Otis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation and servicing of elevators and escalators, we move 2.4 billion people a day and maintain approximately 2.4 million customer units worldwide – the industry's largest Service portfolio. You'll find us in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 44,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit www.otis.com and follow us on LinkedIn, Instagram and Facebook @OtisElevatorCo.

Media Contacts: 
Otis: İpek Akyıldız: ipek.akyildiz@otis.com

Sobha Realty: hello@sobharealty.com

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SOURCE Otis Worldwide Corporation

FAQ

What is the scope of Otis's elevator contract with Sobha Realty for Riverside Crescent?

Otis will provide and install 76 elevators, including 50 Otis Skyrise®, 12 Otis Arise™, and 14 Gen2® elevators for the luxury development in Dubai.

How tall are the Riverside Crescent towers where OTIS elevators will be installed?

The first phase features 6 high-rise residential towers reaching 71 stories and 249 meters in height.

What is the speed of the elevators being installed at Riverside Crescent?

The elevators will move at speeds of up to 6 meters per second and will be equipped with EMS Panorama™ 2.0 control system.

How many customer units does Otis maintain worldwide?

Otis maintains approximately 2.4 million customer units worldwide and moves 2.4 billion people daily, representing the industry's largest Service portfolio.