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Dubai is set to build the world's tallest skyscraper - again - just six years after opening the doors to the Burj Khalifa, which currently carries the title as the tallest building on the planet.

Details of the height of the new tower have not been disclosed but property developer Emaar said it will be "a notch" taller than Burj Khalifa which stands at 829 metres [2,700 feet].

The project is expected to cost $1 billion [880 million euros] and is intended as a "gift to the city before 2020", Emaar Chairman Mohamed Alabbar said.

He described the new structure as an "elegant monument" which would add value to property being developed in Dubai's "old quarter" along the city's creek.

"Many would like to have a view" when considering buying a property, he said.

Spanish-Swiss neo-futuristic architect, Santiago Calatrava Valls designed the tower that will contain a viewing deck, restaurants, hotels and residential units.

The structure will be anchored to the ground with sturdy cables and is designed to resemble a minaret, UAE-based real estate giant, Emaar said.

But the UAE emirate will have to compete with its Gulf-counterpart Saudi Arabia, which has already revealed plans to construct a tower that will surpass Burj Khalifa.

The structure will rise more than a kilometre in height and will be located in Saudi's coastal Jeddah city.