Nakheel to finance Burj Dubai rival

Nakheel is planning to build a tower that will rival the Burj Dubai, pictured.

Dubai developer Nakheel is looking to fund construction of a mega-tower that could eclipse the Burj Dubai as the world’s tallest building.

The company wants to borrow as much as $3 billion over the next 12 months to fund more projects, including the skyscraper that may rival the Burj Dubai, Nakheel CEO Chris O’Donnell told Bloomberg on Wednesday.

In the report O’Donnell did not give any further details about the skyscraper, but the funding is likely to be for Nakheel’s 'Tall Tower Project'. The project, previously called Al Burj, is a colossal tower that will reportedly be over one kilometre in height.

If correct, the tower will be significantly taller than rival developer Emaar’s Burj Dubai, which is expected to measure between 700 and 900 metres once complete.

Neither developer has specified the exact height of their respective structures, and Nakheel has been keen to play down any competition between the two.

O’Donnell said in July that “height isn’t everything and biggest isn’t best” when it comes to building an iconic tower.

“What you have to do is come up with a building of real consequence and relevance. Look at the Sydney Opera House or Tower of London, they aren't the tallest, but they are iconic,” he was quoted as saying.

The firm's executive director for investment projects, Robert Lee, told ArabianBusiness.com last month that the company does have a tall tower project in the pipeline, but pointed out “a tallest tower is a fleeting thing”.

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READERS' COMMENTS

Al Burj - Better Details
Posted by Senju, Tokyo, Japan on Monday 15 October 2007 at 08:00 UAE time

This article does not tell us much that we already know about the project. Also, the information should go more into more details. For example Al Burj will be 1050 meters high and part of the Dubai WaterFront Project.

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