Kingdom Holding Co, controlled by Saudi billionaire Prince Alwaleed bin Talal, said it will use a mix of bank financing, cash and revenue from the project to build the world’s tallest tower in Jeddah.
The Kingdom Tower will be built in three phases over five years and there will be an equity capital of SR1.5bn, the company said. The tower is expected to cost $1.2bn to build, significantly less than $1.5bn cost of Dubai’s Burj Khalifa.
Kingdom Holding has hired Saudi Binladin Group to construct the building that will replace the Burj Khalifa as the world’s tallest tower.
The Binladin Group will contribute SR1.5bn to develop the project, Prince Alwaleed told reporters on August 2.
Initial designs for the Jeddah-based Kingdom Tower show a mixed-used building featuring a Four Seasons hotel, an observation deck and office space, served by 59 elevators.
Media reports earlier this year had suggested that the tower could be as large as 1,600m tall, making it twice as high as its nearest competitor.
Prince Alwaleed told Arabian Business last week the project would be “transformational”.
“These are the kind of projects l like to do,” he said. “These big projects need vision, strength and guts to do.”For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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