Kingdom Holding’s Prince Alwaleed Bin Talal announced on Sunday that Jeddah’s Kingdom Tower would become the world’s tallest building when completed in 2017. He insisted that it will take no more than “63 months” to complete the 1,000m high skyscraper project in the Red Sea port city.
The Saudi billionaire also announced that developer Bin Laden Group has acquired a 16.63% stake in the project for SAR1.5bn (US$400m).
Prince Alwaleed’s Kingdom Holding owns a 33.35% stake in Jeddah Economic Company, the firm that will manage the Kingdom Tower project. Other shareholders include Abraar International Holding Company (33.35%), and Jeddah-based businessman Abdulrahman Hassan Sharbatly (16.67%).
Jeddah municipality granted the final licence to Kingdom Holding today, the firm added in the statement.
The Kingdom Tower will be a mixed use development consisting of hotels, apartments, offices, condominiums and world’s highest observation deck – all spread on a total construction area of more than 500,000 sq. metres.
Kingdom Tower will become part of the 56m sq ft Kingdom City project. Analysts estimate it is a 75bn Saudi riyal ($20bn) development which will include a number of other residential and commercial buildings.
Initial construction work at the $20bn development began last month. The tower is located on in the north of Jeddah overlooking the Red Sea.
On completion, Kingdom Tower will trump Dubai’s 830m Burj Khalifa to become the tallest free-standing structure in the world.
However, the Saudi skyscraper may not hold the record for long as Azerbaijan announced plans to build a 1,030m structure in capital Baku.