The world's tallest manmade structure already exists in Dubai, but the emirate is one-upping itself and building one even taller.

This week, Sheikh Mohammed bin Rashid, ruler of Dubai and the vice president of the United Arab Emirates, placed the foundation stone of Dubai Creek Tower, which "will stand as the world's highest man-made structure by 2020."

News of the planned structure was announced earlier this year . Designed by Spanish-Swiss architect Santiago Calatrava Valls, the tower will be the center piece of the Dubai Creek Harbour development managed by Emaar Properties. The massive structure is intended to define Dubai to the world during Expo 2020, as the Eiffel Tower defined Paris during the 1889 World's Fair.

"The new tower sets another challenge in the history of human architecture: a race the UAE deserves to lead," Sheikh Mohammed said, via his official Twitter account.

"We strive for new achievements. A new heart for our city and global landmark. Humankind has no ceiling or border but our imagination."

Featuring a hotel, rotating balconies, observation decks and dynamic lighting, the design of the futuristic structure is inspired by the lily, while also evoking the image of a minaret. Linked to the ground with sturdy cables, the tower will also feature a Pinnacle Room with views of Dubai and a VIP Observation Garden Deck, intended to recreate the splendor of the ancient Hanging Gardens of Babylon (a wonder of the ancient world located in modern-day Iraq).

The tower will stand at 1,100 meters high, more than 1 kilometer high and more than 200 meters higher than Dubai's iconic Burj Khalifa – the world's current tallest manmade structure – which stands at 830 meters. But, by 2019, if everything goes as planned, Saudi Arabia's under-construction Jeddah Tower will temporarily take the title of world's tallest manmade structure until Dubai Creek Tower is finished.

Although it has faced significant delays, Jeddah Tower, formerly known as Kingdom Tower, is slated for completion in 2019 and will stand at 1 kilometer (1,000 meters) high. Delays with Jeddah Tower's construction have been caused by the significant financial difficulties of the construction giant Saudi Binladin Group.

Last year, plans for a massive 1,152 meter high tower to be built in Basra, Iraq were also revealed . Called The Bride, the tower would dwarf the Burj Khalifa and it would also be taller than the Jeddah Tower and the Dubai Creek Tower, according to the announced plans. But, although the design was released, it's unclear whether the project will move forward soon, if at all.