Dubai is set to build a tower higher than the emirate's existing record-braking skyscraper, the Burj Khalifa.
Emaar Properties, the company behind the Burj Khalifa, is also behind the new structure which has been called The Tower at Dubai Creek.
Emaar chairman Mohamed Alabbar told reporters in a press conference Sunday that construction will start at the end of June and is hoped to be finished before Dubai hosts the World Expo in 2020.
At the same briefing, Alabbar said the tower will cost around $1 billion and be "a notch" taller than Burj Khalifa which stands at 828 meters high.
Designed by Spanish-Swiss architect Santiago Calatrava Valls, Alabbar said the tower will have observation decks as well as 18 to 20 floors that will host restaurants and a boutique hotel.
In a promotional video, Alabbar said the plan was to create an 'elegant monument that will be celebrated by the world'.
Also set for a 2020 completion is a tower in Jeddah that is planned to smash all height records.
Although the exact height is being kept under wraps, many think the final structure will rise more than a kilometer.
That $1.2 billion project is being backed by Saudi Arabian Prince Al-Waleed bin Talal.