Al Habtoor Group, a Dubai-based conglomerate, will build one of the largest residential towers in the world. As announced by the company, the Habtoor Tower will consist of 81 floors and cover a total area of approximately 327,000 square meters. The project will include 1,701 apartments. The exact height of the tower has not yet been revealed.

The skyscraper is planned to be built near the international financial center of Dubai; it will open the view of the Burj Khalifa. The cost of this large-scale project has not been disclosed, but the billions are certain.

The founder of Al Habtoor Group, Khalaf Al Habtoor, said that the construction will be completed within three years, which would be a “record time.” The company also announced that they are in the final stages of selecting a main contractor for the project—they have already received bids from companies in the UAE, China, India, and Europe.

Mr. Al Habtoor noted that the “innovative construction technology” will lead to a “significant reduction in carbon dioxide emissions.” He also added that the tower is unique in every respect and can serve as a model for all contractors in the region.

It should be noted that Dubai already has two of the five tallest residential towers in the world: Princess Tower, with a height of 413.7 meters, and Marina, with a height of 392.8 meters. The Emirate is also home to seven of the 10 tallest hotels in the world, including the Gevora Hotel, JW Marriott Marquis Hotel, Rose Rayhaan by Rotana, Burj Al Arab, Jumeirah Emirates Towers, Address Beach Resort, and The Tower Plaza.