Dubai to build tallest tower in the world

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Dubai, Oct 6 (UNI) In its craze for firsts, Dubai is to build a one-km high tower as part of a 270 hectare development, which will apparently be the tallest tower in the world.

Built in the heart of 'New Dubai' near Jebel Ali by the government owned developer Nakheel, the complex which will easily surpass the 800 metres of Burj Dubai, the current top skyscraper will take more than 10 years to complete at an expected cost of about Dh 140 billion, it was announced here.

Nakheel Harbour&Tower, inspired by Islamic design and featuring the world's only inner city harbour, was launched at a VIP event attended by Dubai's Crown Prince Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum and hosted by Sultan Ahmed bin Sulayem, Chairman of Dubai World, which owns Nakheel.

Nakheel CEO Chris O'Donnell would not reveal the tower's final height and was cautious about calling it the world's tallest ahead of numerous other proposals, including the 'mile high tower' in Jeddah planned by Kingdom Holdings.

''It may be the tallest tower. You don't have to be the tallest tower, you just have to be an iconic development,'' he said.

The tower, to be located on the corner of the Arabian Canal and Shaikh Zayed Road, will become home to more than 55,000 people, a work place for more than 45,000 and is expected to attract millions of visitors a year.

The developers seemed unfazed by the shadow of the global credit crunch and hoped to get funding from top international banks, cashing in on their good relations.

The Dubai stock market slid more than six per cent yesterday to close at the lowest point since March as stocks of two top mortgage majors, Amlak and Tamweel which were mulling merger, crashed.

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