Dubai developers Nakheel just announced they are going to build a one kilometre high (3,280 feet) tower, the Nakheel Tower, beating the city state's own world record (with the the yet to be completed Burj Dubai, which reached a height of 688 metres (2,257 feet) last month and is still growing). The tower will be built in a whole new town that will cover 270 hectares.
It is estimated the entire project will cost $95bn, of which $38.12bn will be for the tower alone. Nakheel has already built about $60bn worth of projects in Dubai.
Nakheel Tower will have four individual towers within a single structure, which is very rare.