Dubai's ambition soars to top its own world's tallest tower

About 150 elevators will carry employees and workers to the Nakheel Tower's more than 200 floors, the company said. The building will be composed of four separate towers joined at various levels and centered on an open atrium.

"It does show a lot of confidence in this environment" of worldwide credit problems and a souring global economy, said Marios Maratheftis, Standard Chartered Bank's Dubai-based regional head of research.

As part of government-run conglomerate Dubai World, Nakheel has played a major role in creating modern-day Dubai, a city that has blossomed from a tiny Persian Gulf fishing and pearling village into a major business and tourism hub in a matter of decades.

Besides the growing archipelago of man-made islands for which it is best known, Nakheel is responsible for a number of the city's malls, hotels and hundreds of apartment buildings.

The company said the new project is inspired by Islamic design and draws inspiration from sites such as the Alhambra in Spain and the harbor of Alexandria in Egypt.

"This is nothing like it in Dubai," said Sultan Ahmed bin Sulayem, Nakheel's chairman.