The Tower at Dubai Creek Harbor, a joint development venture between Emaar Properties and Dubai Holding, broke ground on its construction in Dubai, United Arab Emirates. The city’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, laid The Tower’s foundation stone on Monday. The Tower is set to be “a notch taller” than the current tallest man-made structure, Burj Khalifa, which was also developed by Emaar Properties.
“Years ago, we launched Burj Khalifa, the tallest skyscraper in the world," Sheikh Mohammed said in the statement [by the Dubai government]. "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."
Bloomberg’s Mahmoud Habboush anticipates a slowdown in Dubai’s economic growth, given the recent drop in crude oil prices. Dubai’s home prices have fallen by 7% this year, and an additional 10% drop is expected in 2017.