Dubai Launches World’s New Tallest Tower – 100m Higher Than Burj Khalifa
- October 11, 2016
- Posted by: RKonnect
- Category: Business & Economy, Real Estate
The Dubai Ruler H.H. Sheikh Mohammed launched construction work on Emaar’s The Tower, a 6 sq.km master-plan at Dubai Creek Harbour which will be 100m taller than Burj Khalifa once completed. The project is set to complete by the time for Expo 2020 Dubai and will cost AED 3.67 billion ($1 billion) to build. The Tower will be a sterling addition to the smart city that H.H. Sheikh Mohammed envisages, with futuristic digital features that meet the aspirations of the next generation.
Dubai Creek ‘The Tower’
The Tower will comprise of 679 million sq.m. residential and leisure features including a 360 viewing deck ‘The Pinnacle Room’, and a VIP observation deck with landscaping meant to recreate the “splendour of the Hanging Gardens of Babylon”. It will also feature fully glazed rotating balconies that extend outward, rotating outside the skin of the tower, as well as it would house 851,000 sq.m. of commercial property, 22 hotels with 4,400 rooms and 11.1 million sq.m. of retail.
This world-class development and a high-precision engineering will offer spectacular views of the creek and Dubai skyline. Dubai Creek Harbour project sits abreast of Ras Al Khor Wildlife Sanctuary, which has sheltered around 450 animal species within its 620 hectares for a quarter-century.
Impact on Dubai’s Tourism Sector
With Dubai replacing Paris as the third must-visit tourist destination in the world by 2018, the Creek Tower will offer more value in terms of tourist attractions when it opens in 2020. The annual tourist inflow in Dubai for 2016 is approximately 15 million and it is expected to cross 20 million by 2020.
Impact on Dubai’s Real Estate Sector
The Tower will not only renew the confidence of investors with regards to buying properties in Dubai but also provide the much-needed stimulus to the Dubai’s Real Estate market, which has crossed AED 158 billion (US 43 billion) in terms of real estate transactions, in the first eight months of 2016. It will also have a huge impact on the economy of Dubai by encouraging existing and new business to invest in retail, tourism and hospitality sectors of Dubai and UAE.
Dubai – Key Location & Attractive Demographics
With Dubai’s strategic location connecting east with the west coupled with a positive and diversified economy makes Dubai the ideal place for investments in the electronic retail segment. Furthermore, the rise in Dubai population (2.5 Million in 2016 – expected 3.5 Million by 2020) and growth in tourism (4th popular global tourist destination) has made it all the more obvious for Dubai to take the center stage of foreign investments particularly in the light of real estate, retail and hospitality developments.
The business environment in Dubai and UAE is very conducive for investment as the country offers some of the most affluent consumers in the world along with business friendly regulations and zero income tax for businesses and individuals. Due to strong economic growth projected, Dubai could be considered as the most lucrative destination for future investments.