Dubai Al Habtoor Group to build 350-meter tower in Albania

Albania’s parliament has given its approval for negotiations with a Dubai company to build a 350-meter (1,148-foot) -tall tower in the capital, Tirana.

The parliament’s vote Thursday didn’t make it clear when the government would start negotiations with Al Habtoor Investment LLC, on the $250 million (235 million euros) Tirana Iconic Tower project.

As currently envisioned, the 25,000-square-meter (29,904-square-yard) tower would occupy an extension of the capital’s main boulevard and house businesses and possibly Tirana City Hall. The builders would be exempt from tax payments for 15 years as an incentive.

Al Habtoor Investment is a subsidiary of a subsidiary of the Al Habtoor Group, a conglomerate with interests in the hospitality, automotive, real estate, education and publishing sectors.

Source: Associated Press