Dubai:Even as the Burj Dubai, touted to become the world's tallest building nears completion, plans have been announced for a new kilometre-high tower in this West Asian metropolis.

Master developer Nakheel, a subsidiary of the Dubai government's investment company Dubai Holding, unveiled its Nakheel Harbour and Tower at a launch function here late Sunday. It was attended by Crown Prince of Dubai Sheikh Hamdan bin Mohammed Bin Rashid Al Maktoum, Hollywood stars Catherine Zeta Jones and Michael Douglas, local dignitaries and company officials.

The project, inspired by Islamic design and geometry, will be located at the upcoming New Dubai development area near Jebel Ali, the world's largest manmade port south of here, the state-run Emirates News Agency (WAM) reported.

"There is nothing like it in Dubai," Sultan Ahmed Bin Sulayem, chairperson of Dubai World, said at the launch function.

"Nakheel Harbour and Tower is located in the heart of New Dubai, where we have focused on creating a true community, a location for living, working, relaxing and entertaining for art and culture. All of this is concentrated in one area," he added.

To be built at a cost of 140 billion dirhams ($38.12 billion), the tower's construction will reportedly take 10 years.

The new development will cover an area of more than 270 hectares and become home to more than 55,000 people, a workplace for 45,000 more and attract millions of visitors each year.

It will include 250,000 square metres of hotels and hospitality space, 100,000 square metres of retail space and huge expanses of green spaces including canal walks, parks and landscaping.

The super tall structure will have four individual towers within a single structure.

According to WAM, the iconic development will minimise car use and maximise train, bus and water transportation.

When completed, the tower is expected to surpass the Burj Dubai, which will be officially declared the world's tallest building when it is inaugurated in September next year.

Though the final height of Burj Dubai has not been announced yet by its developer Emaar Properties, it is speculated that it will be around 900 metres.

The proposed Nakheel Harbour and Tower, at a kilometre high, is likely to surpass that.

However, Nakheel officials have declined to confirm that it will be the world's tallest building when completed because of similar projects being planned across the region, including a 1.6-km tall tower in Jeddah, Saudi Arabia.

"It may be the tallest tower. You don't have to be the tallest tower, you just have to be an iconic development," Nakheel chief executive Chris O'Donnell was quoted as saying.