Saudi Arabia-based Jeddah Economic Company has signed a $1.23 billion deal with the Bin Laden Group to build the world’s tallest tower in Jeddah, according to Prince Alwaleed Bin Talal’s Kingdom Holding Company, an associate of JEC. The Kingdom Tower is slated to reach 1,000 meters, or approximately 3,280 feet, and will include a hotel, luxury condominiums and offices, the Wall Street Journal reported.
The tallest building in the world is currently Dubai’s 828-meter, or 2,717-foot Burj Khalifa.
“This project will provide sustainable profits to Kingdom Holding shareholders,” Talal said. “[It] has been in discussion since four years because of our emphasis to have it very economically viable… this project is very feasible for the shareholders and everybody is satisfied with the potential returns.”
The Bin Laden Group, Saudi Arabia’s largest construction firm, is owned by the Bin Laden family. The family has distanced itself from Osama Bin Laden since the 1990s, the Journal said.
Construction on the Kingdom Tower is expected to take 63 months, Talal said.
America’s tallest building is the Willis Tower in Chicago, which is 1,451 feet tall. [WSJ]