Alwaleed's Kingdom Holding to build 1km tower

LOOKING UP: Prince Alwaleed bin Talal (pictured) said the project would help put Saudi at the forefront of the first world. (Getty Images)

A company owned by billionaire Prince Alwaleed bin Talal said on Sunday it has launched plans to build in Saudi Arabia the world's tallest tower which will be at least 1,000 metres high as part of a $26.7 billion project.

The news comes just days after Dubai developer Nakheel said it was going ahead with a $38 billion development including a "more than one kilometre high" tower in Dubai's Arabian Canal area. Architects privately told Arabian Business that the building would be 1,200 metres tall.

Kingdom Holding Co. said the Kingdom City and Kingdom Tower projects are worth total investments of more than 100 billion riyals.

The statement did not say what has become of Kingdom Holding's initial plans to have a mile-long tower.

The projects were unveiled and inaugurated in Jeddah in the presence of King Abdullah and Prince Alwaleed, the company said in a statement.

The two projects will "signify Kingdom Holding's contribution in placing Saudi Arabia at the forefront of the first world and reaffirming Kingdom Holding as one of the world leading real estate developers," the statement quoted Prince Alwaleed as saying.

The two projects' masterplans cover 7.1 square kilometres in the Red Sea city of Jeddah.

The built-up area covers 23 million square meters and includes multi-purpose facilities including residential, entertainment, retail and hotels.

Kingdom City is expected to house 80,000 residents and accommodate 250,000 visitors.

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