A Lebanese businessman has paid AED70,000 (US$19,057) to hire a Downtown Dubai duplex to bring in the new year in style.

The unnamed businessman will host a lavish New Year’s Eve party at the 7,000 sq ft duplex penthouse, a spokesperson for the owner of the property told Arabian Business.

The six-bedroom apartment, which boasts views overlooking the world’s tallest building, the Burj Khalifa, is owned by the Dubai-based Sahara Group, which owns a string of real estate investments across the emirate.

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“People pay more in one day for VVIP tables at ordinary concerts and in my opinion, the Burj Khalifa fireworks and entertainment is by far best concert any one could wish for,” the Lebanese man said.

“The price I have paid is well spent and the networking benefits more than justifies the cost,” he added.

The apartment, which also features seven bathrooms, a billiard room, jacuzzi and sunbathing area, is currently available to rent for AED1.5m annually. “Rents are still lagging behind in area, especially after the increase in purchase value. Taking into account service fees and other costs, we believe rents should double in the coming years,” the Sahara Group said.

More than one million people are expected to attend Downtown Dubai’s New Year’s Eve celebrations this year.

The festivities are set to include Emirati Saeed Al Memari climbing – and then parachuting off - the Burj Khalifa, a live performance by the Prague Philharmonic Orchestra and a four-hour show of lasers, fire, water and music at the Dubai Fountain.