Dubai raises skyscraper stakes with new 'world's tallest building'

The Burj Khalifa's reign at the top is coming to an end...

Dubai raises skyscraper stakes with new 'world's tallest building'

Simulation of proposed skyscraper. Emaar Properties

The developers behind the Burj Khalifa, currently the world's tallest building, have laid out their plans to go even higher with their next project.

Emaar Properties announced on Sunday that it is set to build a $1 billion tower in Dubai that will take the title from the Burj Khalifa.

The unnamed building will be "a notch taller" than the record-breaking 828m (2,716 ft) high Burj Khalifa, according to Emaar chairman Mohamed Alabbar.

Designed by Spanish-Swiss architect Santiago Calatrava Valls, it will boast "garden" observation decks, restaurants, a boutique hotel and more.

The construction, which begins in June, is central to the Dubai Creek redevelopment and should be concluded by 2020, in time for Dubai's hosting of the World Expo Trading Fair.

The building will be located in the same area as the company's Address Downtown hotel, which infamously went up in flames last New Year's Eve.

It may not hold the title of "world's tallest building" for long, however, as Saudi Arabia's Kingdom Holding is currently building a tower in Jeddah that is set to stand at over 1km (3,300ft), eclipsing the peaks of an already-formidable Dubai skyline.