Damac Properties’ $1 billion Damac Towers by Paramount development in Dubai has passed the 16^th floor of construction on each of the four towers, the developer announced.

Upon completion in 2016, the total number of floors in the project will exceed that of the Burj Khalifa, currently the world’s tallest building, Damac Properties said.

Construction progress on the core walls of the towers has reached the 16th floor, while the slabs are passing the 13th level. Each of the four towers will measure over 250 m in height, with 10 podium levels and 58 additional storeys.

The Damac Towers by Paramount development in Dubai’s Burj area will have over 1,800 units comprising one-, two- and three-bedroom serviced apartments as well as the 800-key Paramount Hotel.

“Developing such a huge project, with four towers all being constructed simultaneously, has brought some challenges, but we are delighted with the way the project has grown in the past year,” said Niall McLoughlin, Senior Vice President, DAMAC Properties.

“We see these unique branded developments with Paramount Hotels & Resorts as a key tranche of our business moving forward. The hospitality sector needs to grow three-fold in the coming six years, just to keep up with the number of tourists set for Dubai and we believe that the DAMAC Towers by Paramount developments will prove a huge draw to international visitors,” McLoughlin added.