The viewing tower costing around one billion dollars would be "a notch" taller than Burj Khalifa, Dawn quoted Emaar chairman Mohamed Alabbar as saying while revealing details of the project.
Alabbar said that the final height would be announced upon completion, adding that his company would like to present the gift to the city before 2020 when Dubai hosts the World Expo trading fair.
The tower, which is designed by Spanish-Swiss architect Santiago Calatrava Valls, will have observation decks in addition to 18 to 20 mixed-use floors that will host restaurants and a boutique hotel.
The world's tallest tower Burj Khalifa stands 828 metres (2,700 feet) tall and was build at 1.5 billion dollars.
Dubai is known for its skyscraper-filled skyline and has already established as niche on it.