Developer of Burj Al Alam believed to have approached Samsung Engineering and Besix, after Arabtec pulled out

Dubai property developer Fortune has said it expects to choose the contractor to build its 510m-high Burj Al Alam tower at the end of this month.

The firm said it has shortlisted a number of builders for the deal, which is expected to carry a price tag of $789m (£527m).

The tower is set to be the second-highest building in Dubai after the Burj Dubai – the 818m-high tower due to open this September.

Local contractor Arabtec, which is also working on the Burj Dubai, was due to pick up the job but pulled out last autumn after failing to agree a price.

Fortune is believed to have approached Samsung Engineering and Belgian firm Besix – both of which are working on the Burj Dubai – about the deal.

But Samsung, which is based in South Korea, is understood to prefer working on government-backed projects.

Middle East Foundations is carrying out piling and foundations work on the 108-storey tower, which will go up in Dubai's Business Bay area. Fortune is planning for the tower to be ready by early 2012.