Emaar Properties announced its intention to build a new tower in the Emirate of Dubai that will exceed the height of the Burj Khalifa, currently the world’s tallest building, Mohammed Alabbar, the company’s chairman, said in a press interview that 50% of the project’s funding will come from internal sources, with the remainder to be financed externally. The new tower project will cost $1 billion.

The tower will offer panoramic views of Dubai and its surroundings, and the “Summit Hall” will be one of the project’s most prominent features, allowing visitors to enjoy the most spectacular views. The tower will also feature residential units and retail space. Al-Abbar noted that the building will be slightly taller than the Burj Khalifa, which stands at over 828 meters.

Construction of the tower is expected to be completed before the Dubai Expo 2020, the same year that the Kingdom Tower in Jeddah is scheduled for completion; the Kingdom Tower is expected to surpass the Burj Khalifa as the world’s tallest building.