The world's new tallest skyscraper: Dubai's 'The Tower' will be higher than the record-holding Burj Khalifa and more than three times taller than The Shard

Plans for a £700 million tower in Dubai that will be taller than the city's famous Burj Khalifa skyscraper, the world's highest building, were unveiled today.

Although the exact height has not been revealed, developers Emaar Properties confirmed that it would be taller than the 2,716ft-high Burj Khalifa, which was completed in 2009.

Simply named The Tower, the super-skyscraper will dwarf China's Shanghai Tower (2,073ft), Saudi Arabia's Abraj Al-Bait Tower (1,972ft), New York's One World Trade Centre (1,776ft) - and will be up to three times higher than London's The Shard, the tallest building in the European Union, standing at a mere 1,016ft.

The tower will be the centrepiece of Dubai Creek Harbour, a new waterfront destination of hotels, homes, shops and restaurants.

A main observation deck in the tower, called The Pinnacle Room, will have fully glazed balconies that rotate outside the main skin of the tower.

New apartments, villas and penthouses alongside the tower will be priced from £184,135, equating to an average of £260 sq ft, compared to £2,000 sq ft for luxury homes in prime central London.

Construction is due to begin this July, with a 2020 completion date to coincide with Dubai's World Expo. It will be built around a reinforced concrete core, tethered to the ground by a series of cables, and have a slender glass and steel façade.

“Just as Burj Khalifa serves as the centrepiece of downtown Dubai, The Tower will position Dubai Creek Harbour as one of the most desired residential and leisure destinations in the city, providing residents and visitors with a modern and luxurious environment in which to live, work and entertain," says Ahmad Al Matrooshi, managing director of Emaar Properties.

More than 19,000 UK nationals own property in Dubai and more than 850,000 tourist and business visitors now come from the UK every year, a 10 per cent year-on-year increase since 2012.

A marketing suite featuring large scale-models of the mega-development will be on the second floor of Harrods until August 2016.