Dubai Holding, the investment firm owned by the emirate’s ruler, will develop an area close to its iconic Burj al Arab hotel.

Downtown Jumeira will include a 550 meter (1,640 foot) high tower called Burj Jumeira, the company said in a statement, confirming an earlier story by Bloomberg News. The construction will start immediately and the first phase of the development will be delivered in 2023.

The Burj Jumeira tower is being designed to host large-scale events and will also give visitors an opportunity to take part in extreme sports.

The development in the Al Sufouh district of Dubai will include homes, office space, as well as hotels. Burj Jumeira will have multiple observation decks giving visitors a panoramic views of Dubai. There have been previous attempts to develop the site.

The development comes as Dubai Holding is exploring investment opportunities abroad. For many years, the company was mostly focused on selling assets and restructuring debt after a property-led crisis. The firm, which owns Dubai Properties Group and hotel operator Jumeirah Group, is one of three main state holding companies in the emirate.

©2019 Bloomberg L.P.

This article was written by Archana Narayanan from Bloomberg and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.

Photo Credit: Burj Al Arab Jumeirah will have a new neighbor soon. Skift