Dubai-based Azizi Developments has announced the final height of its skyscraper that’s set to be the world’s second-tallest, adding another towering addition to the emirate’s booming real estate market.

The Dh6 billion ($1.63 billion) Burj Azizi Tower will stand 725 metres tall with at least 131 levels, surpassing the 679-metre Merdeka 118 in Kuala Lumpur as the world’s second-tallest, Azizi said on Wednesday. Once it is complete, Dubai will be home to the world’s two highest buildings, including the tallest, the 828-metre Burj Khalifa.

Located in the Dubai World Trade Centre area along Sheikh Zayed Road, construction on the new tower began earlier this year, with a scheduled completion in 2028.

The addition of the Burj Azizi to Dubai’s skyline “serves as the ultimate sign for the maturity of a market, its real estate sector and engineering prowess”, Mirwais Azizi, founder and chairman of Azizi Developments, told The National.

“This development not only highlights Dubai’s ongoing economic vitality but also its unwavering commitment to setting new benchmarks in the global real estate landscape.”

The Burj Azizi Tower will also feature what it claims will be a “seven-star hotel” – as the Burj Al Arab in Jumeirah is dubbed – with the “world’s highest lobby” on the 11th level.

Azizi said the skyscraper will hit a number of world records upon its completion, including the highest nightclub on level 126 and the highest observation deck on level 130, as well as the highest hotel room and restaurant in Dubai on levels 118 and 122, respectively.

Dubai’s property market, as well as overall in the UAE, has been booming in recent years, reflecting steady growth in the economy due to diversification efforts that are also supporting the real estate sector.

Among these initiatives are residency permits for retired and remote workers and the expansion of the 10-year golden visa programme, which has supported investor demand.

Dubai’s luxury prime market, in particular, has seen heightened demand: it hit a record in 2023 as sales of $10 million-plus homes nearly doubled to $7.6 billion, performing better than London and New York, Knight Frank said in a report earlier this year.

The emirate recorded 948 sales in the luxury property segment, each valued at Dh15 million or more, during the first five months of 2024, according to a report from property company Betterhomes in June.

These high-value transactions were concentrated in key areas such as Palm Jumeirah, Mohammed bin Rashid City, Dubai Water Canal, Tilal Al Ghaf and Dubai Hills Estate, it said.

Luxury projects continue to be developed in the emirate, such as the $1 billion Marasi Marina project from Sankari Properties that is scheduled for completion in 2027 and features units starting at $10 million.

Once completed, the Burj Azizi will join the Burj Khalifa and Makkah Royal Clock Tower in Saudi Arabia representing the Middle East in the five tallest skyscrapers in the globe.

More skyscrapers from the region are in the pipeline, including the under-construction Burj Binghatti Jacob & Co Residences and the Six Senses Residences in Dubai, and the proposed Burj Mubarak Al Kabir in Kuwait, data from the Council on Tall Buildings and Urban Habitat shows.

The Jeddah Tower in Saudi Arabia is expected to be eventually be the world’s tallest at a height of about 1km.

“With the rapid pace of development across the GCC as a whole, which is certainly the most pronounced in the UAE, the building of iconic projects signifies a forward-looking vision for the region,” Mr Azizi said.

The Burj Azizi “will embody Dubai’s spirit, celebrating the world’s seven major cultures through its intricate interior design”, he added.

Azizi Developments has about 40,000 units under construction worth “several billion” dollars that are expected to be delivered by 2027, according to its website.

It has developed several properties across Dubai, including in Mohammed bin Rashid City, Palm Jumeirah, Sheikh Zayed Road, Dubai Healthcare City, Dubai South, Al Furjan, Studio City, Sports City and Downtown Jebel Ali.

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Source: The National News

1st October 2024