Dubai: Dubai will have a $1 billion skyscraper that will exceed the height of Burj Khalifa, currently the world's tallest building.
The Tower in Dubai Creek Harbour, a 6-square-kilometer master development, will be a notch higher than 828-metre Burj Khalifa, property developer Emaar said.
"We are keeping the height quiet at this stage...probably we announce when we open up the tower. It will be notch taller than Burj Khalifa," Emaar Properties Chairman Mohamed Alabbar said today.
"The total cost will be $1 billion," he said.
"Of course, when it comes to financing a project like this we have to think about the revenue model. A monument like this where we will have probably close to 18 floors with different uses and a boutique hotel at the top...the company has enough resources to fund it. But I think it will probably be 50 equity and 50 debt," he said.
"We have our own financial and revenue models that have been checked by external consultants, financial consultants and bankers and hence the 50-50 is a very comfortable model for us."
The tower will be ready before Dubai hosts Expo 2020, starting October 20, 2020 to April 10, 2021, Emirates 24|7 reported.
Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, had approved the selection of the design by the Spanish-Swiss neo-futuristic architect Santiago Calatrava in February 2016.