A 170-storey tower previously dubbed as 'Kingdom Tower' will soon rise in Saudi Arabia that will surpass the height of Dubai's Burj Khalifa, which is currently the world's highest building, CNN reported.
Said tower will rise more than a kilometer or 3,300 feet that would cost around 4.6 billion riyals or equivalent to $1.2 billion. It is reported that the Jeddah Economic Company, the affiliate of Saudi developer Kingdom Holding Co, chaired by billionaire Saudi Prince Alwaleed bin Talal have reached a more than $2 billion (1.9 billion euro) financing deal with Saudi Arabia's Alinma Investment to finish the project.
"Alinma Bank will finance the fund, to be managed by Alinma Investment, while Jeddah Economic Company will be the master developer of projects that will draw on the fund's credit lines," the statement said according to Mail Online.
The statement also added that the 8.4 billion riyal ($2.24 billion) fund, as per Islamic sharia law, will also be used for the development of Jeddah Economic City, which is an urban project that surrounds the tower in the Obhur area north of Jeddah.
Alwaleed revealed that the tower will feature a hotel, apartments as well as offices with a four-storey foundation which is currently at its 26th floor and is slated for completion in 2018.
Following the agreement of the funds, Mounib Hammoud, chief executive officer of Jeddah Economic Company expects the project to be finished on it. The Jeddah Economic City spans 5.3 square kilometers which is designed for comprehensive, multipurpose environment, replete with aspects of a modern lifestyle featuring world-class and state-of-the-art infrastructures.
"The first phase, to be constructed over 1.5 square kilometers, will accommodate more than 3.3 million square meters of modern, multipurpose structures, which will form the nucleus of northern Jeddah's downtown, bolstering the city's standing in the world," the statement added.
In comparison, the Burj Khalifa is at 2,716 feet while the world's fifth tallest building, New York City's Freedom Tower only stands at 1,792 feet.
