Construction on what will be the world's tallest building by 2020 has officially started in Dubai, home to Burj Khalifa, currently world's tallest man-made structure.

Dubai's ruler, Sheikh Mohammed bin Rashid Al Maktoum, laid the foundation stone on Oct. 10  for the Tower at Dubai Creek Harbour, according to a statement by the Dubai government's media office.

"Years ago, we launched Burj Khalifa, the tallest skyscraper in the world," Sheikh Mohammed said in the statement. "Today, we are celebrating the foundation of a new structure that represents another phase in our journey to be at the forefront of growth in various sectors."

The project comes even as economic growth in the United Arab Emirates, which includes Dubai, is expected to be the slowest since 2010 after crude oil prices fell by more than half. Home prices may drop by 10 percent in 2017 after a decline of about 7 percent this year, according to Jesse Downs, managing director at real estate consultant Phidar Advisory.

The tower is part of the 6 square-kilometer (3.7 square-miles) Dubai Creek Harbour real estate project, a joint venture between Emaar Properties PJSC and Dubai Holding LLC. It is designed by Spanish architect Santiago Calatrava, who also designed New York City's new transportation hub at the World Trade Center.

The tower will be "a notch taller" than the 828-meter Burj Khalifa, also developed by Emaar, the company's chairman Mohamed Alabbar, said when the project was first announced in April.

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