Faizel Patel, Radio Islam News, 2015-11-30
Saudi Arabia is planning to build the world’s tallest tower which is expected to reach 1 kilometre into the sky and cost $ 1.23 billion.
Jeddah Economic Company and Saudi Arabia’s Alinma Investment have signed a financing deal for 8.4 billion Saudi riyals to build Jeddah City, including the sky-piercing tower which is currently built up to the 26th floor.
The 3,280-feet skyscraper could strip Dubai’s iconic Burj Khalifa, currently the world’s tallest building of its Guinness title if Saudi Arabia succeeds in its plans to construct the even larger Jeddah Tower
The Burj Khalifa, by comparison, stands at a meeker 2,716 feet, or 827 meters.
Previously dubbed Kingdom Tower, the building will boast 200 floors and overlook the Red Sea. Constructing it will require about 5.7 million square feet of concrete and 80,000 tons of steel,
Chief Executive Officer of Jeddah Economic Company Mounib Hammoud said: “With this deal, we will reach new, as yet unheard of highs in real estate development, and will fulfil the company’s objective of creating a world-class urban center that offers an advanced lifestyle, so that Jeddah may have a new iconic landmark that attracts people from all walks of society with comprehensive services and a multitude of uses.”
The skyscraper is scheduled for completion in 2020.
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