Azerbaijan has announced it seeks to build the tallest building in the world that will dwarf world’s current record holder – Dubai’s Burj Khalifa. The Caucasian state is riding high on oil revenues which has resulted in high-profile construction frenzy and rise in property prices in capital Baku.
The planned 1,050 metre structure is named Azerbaijan Tower and will become Baku’s largest development project which also includes dozens of artificial islands and a Formula One racing track.
“One million people will live here…It will be Venice, new Venice,” said Ibrahim Ibrahimov, the project mastermind and head of real estate developer Avesta, seen as close to President Ilham Aliyev.
The developers plan to construct 41 man-made islands in the Caspian Sea that will be inter-linked via 150 bridges.
Ibrahimov added that investors from Gulf, China, Turkey and US have expressed their interest in the project which is estimated to cost around $100bn and would be completed between 2020 and 2025.
Some analysts believe Azerbaijan Tower will be taller than the Kingdom Tower, the recently finalised 1km-high building project financed by Saudi billionaire Prince Alwaleed. The skyscraper will be constructed in Jeddah, Saudi Arabia.