It was recently announced that the second tallest building in the city will be erected in Dubai. Thus, a new skyscraper joins Dubai's skyline, which will share the sky with the tallest tower in the world, the Burj Khalifa.
The name and exact height of the new tower have not yet been announced, but it is expected to top 600m. In comparison, the Burj Khalifa has a height of 828m and has been the undefeated tallest building in the world since its completion in 2010. This new tower will be the second tallest building in Dubai and the fifth tallest building in the world.
The tower is being built by Azizi Developments, a leading real estate and lifestyle developer in Dubai. This will be a breakthrough for Azizi Developments, which was established in 2007 and has since successfully developed thousands of properties in various prime locations in Dubai.
The tower will house a 7-star hotel and is scheduled for completion in 2027, a sporty four years from now. The cost of construction will be AED 3 trillion. In addition to the 7-star hotel, the building will also house condominiums on the first 100 floors and the hotel on the remaining 22 floors.
We are curious to see how the developer Azizi will face this gigantic task and what will be heard and seen from Azizi in the future. Azizi's goal, in fact, is to translate his comprehensive understanding of the real estate industry into the hospitality and tourism sector in Dubai. This change in strategy by Azizi is in line with the UAE's Tourism Strategy 2031. This aims to promote public-private partnerships and attract new investment into the tourism sector. Azizi therefore plans to build an additional 50 luxury hotels in Dubai over the next five years.
As always, we will keep you up to date!
Your Terra Nova Real Estate Team