HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, the chairman of Kingdom Holding Company, has announced the signing of the construction contact for Kingdom Tower. Construction in Jeddeh, Saudi Arabia, will begin soon. The tower, slated to reach over 1,000 meters, would be the world's tallest.
The building will serve as the centerpiece of Kingdom City, an urban development sitting on over 5.3 million square meters of land and managed by the Jeddah Economic Company. The tower alone will cost $1.2 billion, or SR4.6 billion, and will be built over the course of five years. The entirety of Kingdom City will cost an estimated $20 billion.
Prince Alwaleed noted that the project of the tallest tower in the world should "provide sustainable profits to Kingdom Holding shareholders."
The board was impressed by the simplicity of the design. Adrian Smith + Gordon Gill Architecture, based in Chicago, is the architectural firm that has been designing the tower since May of 2009.
Spreading over an area of 500,000 square meters, the tower will have a Four Seasons hotel, high-end commercial space, Four Seasons serviced apartments, luxury condos and an observatory. The building is meant to become a major tourist attraction, along with a work and living space. The project should also boost the local economy by creating thousands of jobs.