After already holding the title for the largest man-made building in the world--the Burj Khalifa, standing at  2,722 feet, the leaders of Dubai asked themselves, why not have the highest Ferris wheel as well?, according to CNN.

With Las Vegas having "The High Roller" Ferris wheel (550 feet), according to CNN, New York having its "New York Wheel" (623 feet), according to CNN, the Dubai Eye will easily surpass those highest.

But Dubai doesn't want to merrily beat America, they want to dominate the world and to do that they need to tower over the Singapore Flyer (541 feet), according to CNN, the Star of Nanchang in southeastern China (525 feet), according to CNN, and the London Eye (443 feet), according to CNN, which is exactly what the Dubai Eye will do.

Once completed by the two companies responsible for the design and construction of the Eye, Hyundai Contracting and Starneth Engineering, reported by WAM, the official news agency in the United Arab Emirates, the Eye will be a reported 689 feet.

According to the report, Dubai Eye will offer views of the city's iconic landmarks, such as Burj Al Arab and Palm Jumeirah.

 A massive LED screen will be mounted on the wheel for telecasts, advertisements and other information.

The base of the Ferris wheel will feature an entertainment zone and venue for special occasions and conferences, the report said.

Construction of the wheel is part of the Bluewaters Project a mixed-use land development project off the Jumeirah Beach Residence coastline, stated CNN.

The Dubai Eye, whose construction is set to start later this year, will cost a reported $1.6 billion. Bluewaters Project announced that it will include a promenade with al fresco dining outlets, a mix of retail stores and a luxury five-star hotel, according to CNN.