Azerbaijan Tower to cost $2bn

Tue 06 March 2012 14:26 GMT | 14:26 Local Time

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Construction of what will be the world's tallest building, the Azerbaijan Tower, is expected to cost $2bn.

The 1,050 metre tower with 189 floors is to be built on one of a chain of artificial islands in the Caspian.

The company behind the Azerbaijan Tower and the Khazar Islands project, the Avesta Group, told Gun.Az of the projected $2bn cost of the tower.

Work on the project to date has been funded by the Avesta Group itself. Now talks are under way with investors, including foreign companies.

The Azerbaijan Tower will be 200 m higher than the world's current tallest building - Burj Khalifa, and 50 m higher than the Kingdom Tower to be built in Jeddah, Saudi Arabia.

The president of the Avesta Group, Haji Ibrahim Nehramli, told APA at the end of January that construction of the Khazar Islands as a whole would cost $100 billion.

The first phase of the Khazar Islands project will include residential and social facilities and restaurants and will be completed in 2016.

The Azerbaijan Tower will be built as part of the second phase. Construction is expected to begin in 2016 and finish in 2018-19.

News.Az

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