|By Arabian Post Staff| The proposed new Dubai landmark that will surpass the Burj Khalifa in height will be implemented by a joint venture between Emaar Properties and Dubai Holding.
The new project comes as Dubai developers continue to announce new schemes despite a softening real estate sector, with the Emaar-built Burj Khalifa expected to be usurped by a tower currently under construction in Saudi Arabia.
While making the announcement, Emaar Chairman Alabbar did not confirm the height of the proposed new tower, saying only that it would be “a notch” taller than the Burj Khalifa, which stands at more than 828 metres.
The Tower will serve as the core of Dubai Creek Harbour, a 6 sq km masterplannned development located 10 minutes from the Dubai International Airport. It is centred off Dubai Creek, and in proximity to the Ras Al Khor National Wildlife Sanctuary, protected under the UNESCO Ramsar Convention.
The building is expected to be completed for the Dubai Expo trade fair in 2020, the same year that the kilometre-high Kingdom Tower in Jeddah is due to overtake the Burj Khalifa as the world’s tallest building.
Funding for the $1 billion project will be 50 percent equity and 50 percent debt, Alabbar said, undeterred by a residential property market that has softened for at at least five quarters.
The Tower draws design inspiration from the lily and evokes the image of a minaret, a common feature and distinctive aspect of Islamic culture. The slender stem serves as the analogy for the structure, which is linked to the ground with cables.
Offering unprecedented experiences for 360 degree views of the city and beyond, the crowning glory will be The Pinnacle Room opening to grand views. The VIP Observation Garden Decks recreate the splendour of the ‘Hanging Gardens of Babylon.’ The piece-de-resistance is the rotating balconies that extend outward. The tower will have a boutique hotel as well.