The blaze has gutted the upper part of The Torch residential skyscraper, which stands 336.1-metre (1,105-feet) high, triggering an evacuation of nearby towers in the Dubai Marina neighbourhood, according to the correspondent.
No deaths have been reported so far, with the blaze brought under control and hundreds of residents of the nearby towers allowed to return to their apartments.
The fire began at the 50th floor of the 79-floor tower, the Gulf News daily said on its website citing a resident, adding that people were being rescued with smoke inhalation injuries.
Amateur footage posted online showed fire sweeping through the upper floors of the tower with debris falling onto the road as strong winds fanned the flames.
Dubai, known for its skyline of hugely varied skyscrapers, has seen fires at towers in the past.
In 2012, a huge blaze gutted the 34-Tamweel tower in the nearby Jumeirah Lake Towers district. It was later revealed to have been caused by a cigarette butt thrown into a bin. -AFP