The chairman of Emaar Properties is setting his sights on building a new contender for the world's tallest building, possibly in Dubai.
Mohamed Alabbar said yesterday he was considering building a tower taller than both the Burj Khalifa in Dubai and the Kingdom Tower, under construction in Jeddah.
"I think we might try to do something a little taller," he said. "Technology has really improved, the value of tall buildings in the world is really important commercially. We have learnt how to make money out of tall buildings."
Asked where the building might be located, Mr Alabbar said: "Maybe Dubai needs another tall building."
Under Mr Alabbar's leadership, Emaar completed the Burj Khalifa in October 2009, a tower spanning 829.8 metres in height and the world's current tallest building. But Burj Khalifa is set to be overtaken by Kingdom Tower, a kilometre-tall skyscraper in Jeddah, due to be completed in five years.
Emaar Properties is helping to develop the tower, with 25 engineers from the company working on the project.
Mr Alabbar has previously suggested Asia could be a location for another tall building to be built by Emaar, which has been one of the beneficiaries of brisker activity in Dubai's property market in recent months.
The developer's Dubai headquarters was the scene of chaos last month as buyers sought to snap up the release of town houses in its Mira development. But within less than 24 hours, properties sold at Emaar Square were available for resale online at Dubizzle.com, with markups of about 37 per cent on the original offer prices.
Mr Alabbar said Emaar was doing its best to try to control flipping in the market.
"You can never really stop people who flip, that's part of life, part of business," he said
"But with the technology we have, if you buy and flip within 30 days we will never allow you to buy with us again. But of course, people are very smart and they bring in their friends or cousins to buy the next time.
"So now we are bringing in a new rule so if you want to flip, we ask you to pay another 10 or 20 per cent."
Mr Alabbar said the risk of overheating in the market was being controlled by banks, which were asking customers to make large down payments in return for credit. "Even though we learnt a big lesson four years ago people forget," he said. "Greed is in our DNA."