Dubai conglomerate Al Habtoor launches one of the world's largest residential towers

The 81-floor building will have a built-up area of about 327,000 square metres

A rendering of Habtoor Tower, which will be built along Sheikh Zayed Road in Dubai. Photo: Al Habtoor Group

Dubai conglomerate Al Habtoor Group has launched what it claims to be one of the world's largest residential towers in Dubai.

The 81-floor Habtoor Tower will have a built-up area of about 327,000 square metres and feature 1,701 housing units, the company said on Thursday.

It did not disclose the height of the tower.

The project will be built adjacent to the Dubai Water Canal, close to the Dubai International Financial Centre, and it will have a view of Burj Khalifa, the world's tallest building.

The value of the “multibillion dirham” development was not disclosed.

It is scheduled to be completed within three years, which would be a “record time”, said Khalaf Al Habtoor, founding chairman of Al Habtoor Group.

“As a former builder/contractor, I am excited to be driving the first piles of the project into the ground and revealing some of the novel technical details of the construction techniques used in the Habtoor Tower, and very proud that it will be delivered at the highest quality in record time,” he said.

The company said it is in the final stages of selecting the main contractor for the project “based on qualifications and experience”, and bids have been received from businesses in the UAE, China, India and Europe.

An “innovative construction technique” will lead to a “substantial saving in carbon dioxide emissions”, Mr Al Habtoor said.

“This tower is unique in every aspect and can be considered a learning curve for all contractors in the region.”

Dubai is home to some of the most famous and biggest developments.

It has two of the top five tallest residential buildings in the world — the 413.7m Princess Tower and the 392.8m 23 Marina, both in Dubai Marina.

The former is the third-tallest building in the emirate, after Burj Khalifa and Marina 101, which is under construction.

Dubai also has seven of the top 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.

The latest launch comes as Dubai's property market continues to recover strongly from the coronavirus slowdown.

The value of the real estate transactions in the emirate's market rose by 80 per cent annually to Dh157 billion ($43 billion) in the first quarter, according to official data.

The number of transactions also rose 49 per cent to 38,715 during the period.

The Habtoor Tower joining the UAE's collection of skyscrapers “befits our country’s vision to always be at the forefront of innovation, responsible development and preserving our world for the next generations”, Mr Al Habtoor said.