The Avesta Company has announced that the first phase of the 30 million square meters (3000 ha) Caspian Islands project will be completed by May 28, the Azertag state news agency reports. The first phase consists of several beaches, restaurants, bridges and about 4 kilometers of roads, as well as two 50 thousand square meters parks. The project will be implemented in three stages. The total investment required in the Caspian Islands project is estimated at US$ 100 billion. In general, Caspian Islands is to comprise 50 artificial islands containing 19 high-rise residential districts with more than 150 schools and numerous other support institutions, also it is planned to construct 20 kilometers boulevard and 20 bridges. The city is to house 1 about million residents. Caspian Islands is to be the site of the 1,050-meter Azerbaijan Tower, a proposal that is expected to cost more than US$ 2 billion to construct and is estimated to be completed by 2025. If completed, the Azerbaijan Tower would exceed the height of the under-construction 1,000-km Kingdom Tower in Saudi Arabia, currently set to be the world's tallest building by 2019. This Skyscraper is expected to construct during the second phase of project. The owner of Avesta Ibrahim Ibrahimov is one of the richest men of Azerbaijan. He was born in May 28, 1955 in Nakhichevan. Near friend of presidential family Ibrahimov (he called Ilham Aliyev "the Boss of All Bosses") is going to occupy the penthouse at Azerbaijan Tower. Opposition figures say that Ibrahimov owes much of what he has to the Aliyev family, but when NYT correspondent Peter Savodnik asked him about it, he shrugged. Western financial analysts and real estate developers are understandably skeptical about Caspian Islands project. For one thing, there's President Ilham Aliyev's regime, which opposes political competition and other reforms that would diversify its economy and spur the long-term growth needed for this kind of mega-project (NYT).

As reported by information agency APA, Azerbaijan plans to build the world's tallest tower within the framework of Caspian Island project. Initially, the height of Azerbaijan Tower planned to be 560 meters, but parameters were changed. The developer of Caspian Island Avesta concern decided that the high of 185 floors tower to be 1050 meters, and it will be commissioned in 2018-2019. According to another news agency The First News, the construction of Caspian Island in Azerbaijan, which will be erected on artificial made islands, has already started. This project will be built during 25 years. The 10 percent of the whole project is planned to complete in 2016. It should be noted, that the minimum cost for one square meter in this city will be about US$ 4.5 thousand. The new city will cover 30 thousand square meters area - 20 thousand for residential buildings, 10 thousand for retail stores, offices, stadiums, entertainment venues, race circuits for Formula 1 and Formula 2, etc. The developer plans to build the longest boulevard in the world with 150 kilometers length and the highest skyscraper with 1050 meters height in this city. There are no intersections planned in this city, so no need for traffic lights. The total budget of this project is estimated US$ 125 billion, and it will be funded by private investors. According to author, this project has no analogue in the world, as the city planned to be built on artificial island. However, the Baku experiment isn't unique and new. There are enough "island projects" in UAE and other countries. As BBC reported, according to Barclays Capital research, there is an "unhealthy correlation" between the building of skyscrapers and subsequent financial crashes. Often the world's tallest buildings are simply the edifice of a broader skyscraper building boom, reflecting a widespread misallocation of capital and an impending economic correction. Examples include the "Empire State building", built as the "Great Depression" was under way, and the current world's tallest, the "Burj Khalifa", built just before Dubai almost went bust. Today the world's tallest building is Burj Khalifa in United Arab Emirates (828 meters). UAE also planned to build 1400-meters tall "Nakheel tower", but its construction was delayed. The 1000-meters tall skyscraper is also planned to be built in Kuwait in City of Silk. Saudi Arabia also plans to build more than a kilometer high Kingdom tower in Jeddah. But now all this "oil country" projects are on the paper only, and a big question is - which one will take the Champion title from Dubai's Giant?