Saudi billionaire Prince Alwaleed bin Talal unveiled plans today to build the world's tallest tower in the Red Sea port city of Jeddah, signing a 4.6 billion riyal (€865 million) contract with Bin Laden Group.
The proposed tower, which will rise more than 1,000 metres and take just over five years to complete, is the centrepiece of the planned Kingdom City development being built outside Jeddah by the prince'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."
If completed, the tower will 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 $1.5 billion.
The 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, but the final height is a closely guarded secret.
The Bin Laden Group, which expanded the holy mosque in Mecca and built large projects across the Middle East, is owned by the family of former al-Qaeda leader Osama bin Laden.
Reuters