Construction has begun on a new $3 billion residential building in Dubai that is tipped to be the emirate’s next world-famous tower.
Al Habtoor Tower, located off the Sheikh Zayed Road, is expected to stand 345 metres tall upon completion.
The National was invited on a site tour of the project, which will be 81 floors high and have more than 1,700 units. It is scheduled to be completed by the third quarter of 2026.
While the project in Al Habtoor City was only announced last month, more than 20 per cent of the properties have already been snapped up.
“You can see from how quickly the properties are selling that there is a need for this kind of building,” said Omar Kabalan of Provident Real Estate, the sales project manager for Al Habtoor Tower.
We’re seeing a mix [of buyers] from many countries but so far a lot of Russians have invested
Omar Kabalan,
Provident Real Estate
“People are liking the fact that you’re only a 15-minute journey from most parts of Dubai, including the airport.
“There aren’t many empty plots on the Sheikh Zayed Road to develop so that’s why this building will be all the more popular.”
Once completed, the building will rank as the 11th tallest residential building in the world, according to the Council of Tall Buildings and Urban Habitat.
People who have already bought units at the property come from all over the world, said Mr Kabalan.
“We’re seeing a mix from many countries but so far a lot of Russians have invested,” he said.
“There’s probably a fairly even split between those who are buying to invest and those who want to live in the units themselves.”
Glittering skyscrapers are a common sight in Dubai’s skyline, with the emirate being home to the world’s tallest building, Burj Khalifa, which stands at 828 metres.
Two of the top five tallest residential buildings in the world are also located in the emirate.
These include the 413.7-metre Princess Tower and the 392.8-metre 23 Marina, both in Dubai Marina.
Neighbouring Abu Dhabi is also home to one of the world’s tallest residential buildings – the Burj Mohamed bin Rashid, which stands at 381 metres tall.
Dubai can also lay claim to having 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.
News of the next addition to Dubai’s catalogue of megastructures has been welcomed by real estate experts in the emirate.
Premium real estate is in demand
“The launch of Al Habtoor Tower by one of the UAE's leading conglomerates gives further evidence of the demand for such premium landmark real estate in Dubai,” said Fintan Flannelly, head of developer sales at Allsopp & Allsopp.
“As Dubai's population grows, so does the demand.
“The location of Al Habtoor Tower is in close proximity to Dubai Mall, Burj Khalifa, DIFC, and is adjacent to Dubai Canal, which is noted as one of Dubai’s hotspots.”
The project was a sign of how buoyant the Dubai real estate market is right now, added another expert.
“The demand for the next best investment is very prevalent based on how quickly new launches are sold out – quite literally in minutes in some cases,” said Rennie Sanger, senior off plan and investment consultant with real estate firm Haus & Haus.
The tower is also a reminder that Dubai will always be synonymous with notable buildings, added another expert.
“Iconic towers will always hold a certain allure for some individuals,” said Matthew Gregory, branch director at Betterhomes.
“The allure of residing in a prestigious address is undeniable, and I am confident that the new Al Habtoor Tower will capitalise on this appeal.”
High-rise living still appeals
In recent years, there has been a trend of Dubai residents opting for town houses and villas in the suburbs, as the city’s population centre expands and space becomes premium.
Projects such as Al Habtoor Tower show there is still an appetite for the high-rise living that many associate with Dubai, added Mr Gregory.
“Not everyone desires to endure a 45-minute commute to their workplace,” he said.
“For some, residing in the city centre, often in a high-rise tower, provides a superior quality of life compared to being stuck in traffic on Hessa Street for 30 minutes or longer. High-rise living serves as a compromise to mitigate against lengthy commutes.
“Who wouldn't be enticed by the idea of residing in a modern tower and conveniently strolling across the canal to reach their office in just 10 minutes?”
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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2020 Oscars winners: in numbers
- Parasite – 4
- 1917– 3
- Ford v Ferrari – 2
- Joker – 2
- Once Upon a Time ... in Hollywood – 2
- American Factory – 1
- Bombshell – 1
- Hair Love – 1
- Jojo Rabbit – 1
- Judy – 1
- Little Women – 1
- Learning to Skateboard in a Warzone (If You're a Girl) – 1
- Marriage Story – 1
- Rocketman – 1
- The Neighbors' Window – 1
- Toy Story 4 – 1
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German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
