Friday 9 December 2016

Dubai firm to build world's tallest tower

Stefania Bianchi

Published 11/04/2016 | 02:30

Visitors look at a scale model of the proposed new tower Photo: AFP/Getty Images
Visitors look at a scale model of the proposed new tower Photo: AFP/Getty Images

A Dubai developer is planning to build a new block that will be the highest building in the world.

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Emaar Properties plans to build a $1bn (€877m) skyscraper in Dubai that will comfortably exceed the height of the Burj Khalifa, currently the world's tallest building.

The tower within its Dubai Creek Harbour project will be "a notch taller" than the 828-metre Burj Khalifa, chairman Mohamed Alabbar said at a press conference on Sunday. He declining to be more specific on the final height of the new skyscraper.

Construction will start at the end of June and will finish before Dubai hosts the World Expo in 2020.

"We wanted to build a new landmark for Dubai," Alabbar said.

"When we look at Downtown and the Burj Khalifa, the area is almost full to the rim."

Dubai, the Gulf's tourist and business hub, is developing hotels and entertainment projects as it aims to attract 20 million tourists annually by 2020 from 10 million in 2012.

Emaar's new tower will have an observation deck, gardens and 18 to 20 floors available for shops, restaurants and other tourist facilities, Mr Alabbar said.

The project will be financed by an estimated 50pc of equity and 50pc of debt.

Bloomberg

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