Saudi billionaire prince to build the world’s tallest tower, Kingdom Tower worth $1.2 billion

By on Aug 2, 2011 in Asia, Business, Lifestyle Comments

Saudi billionaire Prince Alwaleed Bin Talal is set to build the Kingdom Tower in Jeddah, Saudi Arabia, which will be the world’s tallest tower.

Saudi Prince Alwaleed Bin Talal
Image Credit: Waseem Obaidi/Bloomberg

According to a press release by Kingdom Holding Co. on its official website on Tuesday, August 02, 2011, Prince Alwaleed Bin Talal already signed a $1.2-billion (SR4.6 billion) contract to build the Kingdom Tower.

“This project will provide sustainable profits to Kingdom Holding shareholders.” Prince Alwaleed Bin Talal was quoted as saying, who is also the chairman of the said company.

“The vision of constructing the tallest tower in the world in Jeddah belongs to HRH Prince Alwaleed Bin Talal, who was closely involved in the selection of the scheme currently under design,” Kingdom Holding Company board member Talal Al Maiman said on the report.

Kingdom Tower’s height is remarkable, obviously, but the building’s iconic status will not depend solely on that aspect.” Mr. Talal Al Maiman added, who is also a board member of Jeddah Economic Co.

As noted in the report, five contractors were invited to bid for Kingdom Tower construction and Saudi Binladen Group (SBG) was chosen for the project among the three firms that submitted their final offers.

Apparently, the Kingdom Tower will be over 1,000 meters (3,281 feet) high and is being set to beat Burj Khalifa in Dubai, the current world’s tallest tower measuring 828 meters (2,717 feet) tall.

The Kingdom Tower was noted to be the first construction phase of Kingdom City, which will cover more than 5.3 million sq. m. with the overall cost being estimated to be SR75 billion ($20 billion).

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