Dubai Creek Tower, the planned centrepiece of one of Emaar Properties' latest projects, is being redesigned, founder Mohamed Alabbar has said.
The cable-tied tower, designed by the Spanish-Swiss architect Santiago Calatrava, was due to be 100 metres taller than the Burj Khalifa.
Foundations for the tower, which will be located in the centre of the Dubai Creek Harbour development, were completed in 2017 but there has not been much progress made in recent years.
In an update this week, Mr Alabbar said the tower “is currently in the process of being redesigned” by an unnamed international company that was selected after a tender process.
“We are seeking during the next seven to eight months to develop a new idea about the project and we hope to start construction within a year from now,” he told news agency Wam.
He also said Emaar Properties is currently looking at new locations in Dubai where it can expand. This year, the company will deliver about 45 new towers containing 15,000 apartments.
“The real estate market in the UAE will witness further growth and is still promising,” he said.
Mr Alabbar said the company's board is developing long-term plans for the next 15 to 20 years, looking at new projects both in the UAE and overseas. It currently has projects in Egypt, India and Turkey as well as Jordan, Lebanon, Morocco and Pakistan.
Emaar Properties reported a 15 per cent surge in its first-half profit earlier this month, amid a booming property market in Dubai.
Net profit for the six months to the end of June climbed to Dh4.9 billion ($1.3 billion), the company announced last month.
Mr Alabbar said he expects Emaar Properties to “continue to achieve favourable financial results in the upcoming quarters, supported by a strong sales track record, indicating sustained growth”.
Larger than Downtown Dubai
At 6 square kilometres, the mega Dubai Creek Harbour development is almost twice the size of Downtown Dubai.
The community features 78.5 million square feet of residential space and is connected to the mainland by three bridges. It is expected to house 200,000 people when complete.
In August last year, Emaar agreed to fully acquire Dubai Creek Harbour from Dubai Holding for Dh7.5 billion ($2.04 billion). The amount was paid equally in cash and shares of Emaar Properties and made Dubai Holding the second-largest shareholder of Emaar.
