03 August,2011 12:41 PM IST | | ANI
Saudi construction company Bin Laden group will build the world's tallest tower for 1.2 billion dollars north of Jeddah.
Saudi Arabian Prince Alwaleed bin Talal revealed that he had signed the deal to build the 3,280 feet high Kingdom Tower.
The mega project, first announced in 2008, would cover two square miles at its base and stand a kilometre high.
It is the first among several sprawling mega projects proposed for a ''Kingdom City'' plan and is among one of seven ambitious projects in the kingdom, the Daily Mail reports.
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The Kingdom Tower deal was signed between Jeddah Economic Co., a KHC affiliate, and the Binladen Group, a construction giant. Binladen will hold 16.6 percent stake in JEC.
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The project would include a hotel, serviced apartments, luxury flats, and offices occupying around 852 square miles.
The project is intended to diversify the economy from the crude oil that has fuelled the Saudi Arabia's growth for years.
It also reflects a continuation of the unstated race between the oil- rich Gulf nations that are also pumping billions of dollars into job creation and housing for their lower income residents.
The Burj Khalifa, built by developer Emaar, is currently the tallest building in the world.
Alwaleed's proposed skyscraper is expected to shatter the record for Burj Khalifa.
The 2,717 feet tower has 160 livable floors, making it not only the tallest building but also the tallest free-standing structure in the world.
