Dubai plans to build a new tower even higher than Burj Khalifa, currently the world's tallest skyscraper, according to a statement on Sunday from property developer Emaar. The viewing tower will cost around $1 billion and will be a "notch" taller than Burj Khalifa, Emaar chairman Mohamed Alabbar told reporters. But he said that the final height will be announced upon completion, adding that his company would like to present the tower as a "gift to the city before 2020," when Dubai will hosts the world Expo.Emaar Chairman Mohamed Alabbar (R) and Spanish-Swiss architect Santiago Calatrava Valls (L) are in front of the design of a skyscraper they are planning to build at Dubai Creek Harbour.Designed by Spanish-Swiss architect Santiago Calatrava Valls, the tower will have observation decks, as wellas between 18 to 20 mixed-use floors that will host restaurants and a boutique hotel, Alabbar said. Burj Khalifa opened in January 2010, is 828 meters (2,700 feet) high and cost $1.5 billion to build. Alabbar described the new structure as an "elegant monument" which would add value to the properties already being developed by the company along the city's creek. "Many would like to have a view" when considering buying a property, he said.The tower will be slender, evoking a minaret, and will be anchored to the ground with sturdy cables, Emaar said. Dubai has established a reputation for building dozens of futuristic skyscrapers, which have transformed its skyline. Saudi Arabia's Kingdom Holding is building a tower in Jeddah that is planned to surpass Burj Khalifa, rising more than a kilometer.