Saudi Arabia’s Prince Alwaleed bin Talal’s investment vehicle, Kingdom Holding, has announced that an associate company will partner with the country’s Bin Laden Group to build a tower near Jeddah that would replace Dubai’s 828m Burj Khalifa as the world’s tallest building.
The associate company, Jeddah Economic Co, signed the SR4.6bn ($1.23bn) contract with the Bin Laden Group, a construction company, that will also own a 16.63 per cent stake in the company. Kingdom Co will hold 33.35 per cent.
The 1km-tall building will include a Four Seasons hotel and apartments, luxury condominiums and offices. The tower is the first phase of the 5.3m square metre Kingdom City development to be built north of the Red Sea city of Jeddah, according to a statement on the Saudi bourse, Tadawul.