Located on the corner of the first interchange opposite the Downtown Dubai District, the project involves the construction of a 60-storey tower that will be about 300 metres tall and will feature the worlds tallest ceramic facade.
Contractors submitted bids for the contract in the fourth quarter of last year.
The tower has been designed by sustainability expert Werner Sobek and architect Ben van Berkel. The local APCC is working on the foundations package.
Dubai is planning to build a series of other landmark tower projects. The most high-profile is The Tower at Dubai Creek Harbour, which is aiming to be the worlds tallest manmade structure.