A Tel Aviv-area planning committee approved on Thursday a plan to build what will become Israel's tallest skyscraper.

The 70-story high-rise, approved by the Tel Aviv District Planning and Construction Committee, will be built in the Tel Aviv suburb of Givatayim and rise to a height of 235 meters.

The new skyscraper will contain offices, a shopping center, a conference center and a hotel, as well as the new offices of the Givatayim municipality.

Construction is expected to cost approximately NIS 1 billion ($268 million) and last approximately five years. The project is being constructed by Eurocom Real Estate, owned by businessman Shaul Alovitch.

The tower will be built adjacent to the neighboring city of Ramat Gan's Diamond Exchange district, where Israel's current tallest building, the 68-story Moshe Aviv Tower, is located.
Another office tower slated for construction in the area is expected to surpass it in the future, with a height of 270 meters and reaching 72 stories.

Givatayim Mayor Reuven Ben Shahar said the city's policy was to promote high-rise construction on the edges of the city, while preserving the urban fabric of quieter residential neighborhoods. He added that the new building and other planned high-rises would significantly increase the city's municipal tax base.

Dubai's Burj Khalifa, which opened in January of 2010, is currently the world's tallest building, at 830 meters and 163 habitable floors.