Dubai – Sheikh Mohammed bin Rashid al-Maktoum, Vice President and Prime Minister of the United Arab Emirate, laid on Monday the foundation stone for the ‘The Tower at Dubai Creek Harbour’ project, the new iconic structure that will be the world’s tallest tower when completed by 2020 as a partnership between Emaar Properties and Dubai Holding.

Sheikh Rashid said that UAE’s exceptional urban growth, which is supported by quality construction projects, is driven by the country’s ambitious development plan, which seeks to achieve the welfare and happiness of the people of the UAE.

“Years ago, we launched Burj Khalifa, the tallest skyscraper in the world. Today, we are celebrating the foundation of a new structure that represents another phase in our journey to be at the forefront of growth in various sectors,” he added.

The exact final height of the tower was not announced, but Emaar announced plans to build the viewing tower in April, saying it will be “a notch” higher than Burj Khalifa, which stands at 828m high. It said in April that the structure will cost around $1 billion.

Designed by Spanish-Swiss architect Santiago Calatrava Valls, the tower will have observation decks providing 360-degree views of the coastal city. It is located just 10 minutes from the Dubai International Airport.

The Tower at Dubai Creek Harbour supports the goals of Dubai Plan 2021 to establish the city as a global business and leisure hub, and will add real economic value by driving the growth of the core sectors of tourism, hospitality, aviation and retail among others.