The developer declined to say how tall Burj Azizi will be because the structure's proposed height is awaiting final approval from authorities. But the company did confirm, however, that it will be the second tallest building in Dubai.
The $1.5 billion tower, which will be on the Sheikh Zayed Road in Dubai, will feature luxury apartments and penthouses, a mall spread over several floors, a seven-star hotel, high-end F&B outlets and an observation deck.
Burj Azizi is scheduled to be completed within four years, the developer said.
“This tower will be our legacy. With Dubai having given my family and I so much – safety and abundance of opportunities – this tower, which will be the second tallest [in the world] is our way of giving back to this emirate and its remarkably hospitable and welcoming people,” said Mirwais Azizi, founder and chairman of Azizi Developments.
The 828-metre Burj Khalifa has been the world's tallest since it opened on January 4, 2010. To be the second tallest in the world, Burj Azizi will have to be taller than 679m, which is the height of Merdeka 118 in Malaysia, which opened in November.
To be the second tallest building in the city, the Burj Azizi would have to be taller than 450m, which is the height of the Franck Muller Aeternitas tower, which is currently under construction in Dubai Marina.
At present, the second tallest tower in the city, according to the Council on Tall Buildings and Urban Habitat, is Marina 101, which measures 425m in height, while the third tallest is the Princess Tower, also in Dubai Marina, which is 413m.
Azizi Developments previously proposed plans to develop a landmark tower on the Sheikh Zayed Road.
The developer first announced the building of the 570m skyscraper, with 122 storeys, in March 2018.
At Cityscape in 2022, the developer's chief executive, Farhad Azizi, announced plans to build the second-tallest tower in Dubai as part of a multibillion-dollar investment plan.
Mr Azizi described the tower as being "like a master community but in one tower”. In May, it announced plans to spend up to Dh60 billion on developing a portfolio of 50 luxury hotels and resorts, including a seven-star hotel, in Dubai.
Azizi currently has about 40,000 units under construction that are due to be delivered by 2027.
In September, it launched a Dh30 billion ($8.16 billion) mixed-use development called Azizi Venice, which will include more than 30,000 homes in 100 mid-rise apartment complexes and more than 400 villas and mansions.
After a record year for developers, UAE property prices are expected to continue to rise in 2024. In Dubai, average residential prices are projected to increase by 5 per cent to 7 per cent, according to ValuStrat.
However, by the summer, “we could see an inflection point where we could see a turn in the curve and if it happens then it will hit the high-end luxury market first”, said Haider Tuaima, director and head of real estate research at ValuStrat.