Saudi billionaire Prince Alwaleed bin Talal plans to build the tallest tower in the world in the city of Jeddah, topping 1,000 meters in height, he announced Tuesday (August 2).
The tower will take about five years to build and is expected to exceed 1,000 meters in height once it is finished – beating the current record-holder, Burj Khalifa in Dubai, which stands at 828 meters. To get the project started, Prince Alwaleed has signed a $1.23 billion contract with the Bin Laden Group, reports Canoe Travel.
The tower – designed by American architecture firm Adrian Smith + Gordon Gill – will include a hotel, luxury apartments, condos and offices. Once completed, the structure will become the centerpiece to the planned Kingdom City development being constructed just outside the city.
"Building this tower in Jeddah sends a financial and economic message that should not be ignored," Alwaleed said in a statement. "It has a political depth to it to tell the world that we Saudis invest in our country despite what is happening around us from events, turmoil and revolutions even."
With around four million residents, Jeddah is Saudi Arabia’s second-largest city following Dubai.