Kingdom Tower in Jeddah, Saudi Arabia set to become the
world’s tallest building in the world by middle of 2017 according to the latest
news. The 200 floors tower is set to surpass Burj Khalifa, Dubai as the tallestbuilding in the world.
The 1,000m high skyscraper will be the centerpiece and
the first construction phase of Kingdom City Jeddah, a new urban development of
more than 5.3 million Sq of land in the north of Jeddah, overlooking the Red
Sea and Obhur Creek.
The Billionaire Prince Alwaleed Bin Talal, who has been the driving force behind the decision to build the tower, announced an investment of SR1.5 billion from the Saudi Binladin Group (SBG) for a 16.63 percent stake in Jeddah Economic Company, owner of the Jeddah mega project.
The contract for construction of the tower was signed
with SBG for SR4.6 billion ($1.2 billion) and the overall estimated cost of the
entire Kingdom City Jeddah project is anticipated to be SR75 billion ($20
billion).
The Kingdom Tower is expected to become both an economic
engine and a proud symbol of the Kingdom's economic and cultural stature in the
world community.
Saudi Arabia expects the Kingdom Tower to become one of
the world's great tourist destinations as well as one of the most attractive
places to live and work in the region. In addition to its status as an
architectural landmark and economic symbol, the 1000 m high skyscraper is
likely to enjoy great cultural significance.
Kingdom Tower, Saudi Arabia pictures
