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Kingdom Holding Co. (KHC) announced that associate firm Jeddah Economic Co. has signed a US$1.2 billion deal with the Saudi Binladen Group to build the world's tallest tower in Jeddah.
The new tower, dubbed as the "Kingdom Tower," will be over 1,000 meters high, and the construction of this landmark structure overlooking the Red Sea and Obhur Creek. It will be completed within five years and three months.
The overall construction cost of the tower is US$1.2 billion and the overall estimated cost of the entire project of Kingdom City is anticipated to be US$20 billion.
When completed, the Kingdom Tower will be almost 200 metres taller than Emaar’s 828 meters Burj Khalifa in Dubai.
The Saudi Binladen Group, whose bid was the most attractive in terms of price, quality and schedule was chosen for the project.
Prince Alwaleed, chairman KHC, said at a press conference "the project symbolises the growing business confidence in Saudi Arabia under the leadership of King Abdullah."
Alwaleed said the tower would be the centerpiece and first construction phase of Kingdom City, Jeddah Economic Company's (JEC) new urban development of more than 5.3 million square meters in the north of Jeddah overlooking the Red Sea.
Dubai-based Emaar Properties is managing the development of Kingdom Tower. The overall Kingdom City master plan is being designed by HOK Architects.
With a total construction area of over 500,000 square meters, the Kingdom Tower will be a mixed-use building featuring a Four Seasons hotel, Four Seasons serviced apartments, world-class office space, luxury condominiums and an observatory that will be higher than the world's current highest observation deck.
The Kingdom Tower complex will contain 59 elevators, including 54 single-deck and five double-deck elevators, along with 12 escalators. The area in the immediate vicinity of Kingdom Tower is named as the Kingdom Tower Waterfront District. Both areas are being designed by US-based Adrian Smith & Gordon Gill Architecture.