Dubai Media Office has confirmed the fire is largely under control.
It also said everyone has been evacuated succesfully and no casualties have been reported so far.
Earlier, Dubai Media Office advised Civil Defence was tackling the fire.
"Firefighting squads from four Civil Defence stations have been deployed to bring the fire under control and ensure safety of residents."
Rob Shepherd tweeted: "Another major fire just broken out at Torch Tower Dubai friends and relatives just escaping now."
Cara Spillane tweeted: "Terrifying to see Torch Tower, in the area I live in on fire now. Hope everyone gets out OK."
Claire Hopkin added: "One of the skyscrapers near me is on fire! Looks like Princess."
According to UAE civil defence teams, the fire spread uncontrollably partly due to flammable exterior cladding panels, similar to those used in Grenfell Tower.
The combination of cheap combustible cladding and insulation has been blamed for the deadly spread of the June 14 fire in west London, which killed at least 80 people.
Experts in the UK have previously voiced concerns that building regulations are unclear on the use of combustible cladding, which paved the way to their use by contractors.
The same skyscraper was devastated by fire in 2015 and the flammable cladding was blamed in part for the blaze.
Flames shot out from two sides of the building and glass and metal rained down from the skyscraper.
- More to come