Saudi billionaire Prince Alwaleed bin Talal yesterday unveiled plans to build the world’s tallest tower in the Red Sea port city of Jeddah, signing a 4.6bn riyal ($1.23bn) contract with Binladin Group.
The proposed tower, which will rise more than 1,000m and take just over five years to complete, is the centrepiece of the planned Kingdom City development being built outside Jeddah by Prince Alwaleed’s Kingdom Holding .
“Building this tower in Jeddah sends a financial and economic message that should not be ignored,” Prince Alwaleed told reporters. “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.”
When completed, the tower would replace Dubai’s 828m Burj Khalifa as the tallest tower in the world. The Burj Khalifa was built by Emaar Properties for a total cost of $1.5bn.
The Jeddah tower, which is to include a hotel, serviced apartments, luxury condominiums and offices, will be designed by US architecture firm Adrian Smith + Gordon Gill.
Prince Alwaleed, a nephew of Saudi King Abdullah, said the Jeddah tower would eventually top 1,000m (3,300ft) , but the final height is a closely guarded secret. Reuters
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