By Ed Attwood
Binladin Group wins $1.2bn construction deal for 1-km tall Kingdom Tower
Kingdom Holding, the Saudi firm owned by billionaire businessman Prince Alwaleed, has signed a construction contract to build the world’s tallest tower in Jeddah.
Binladin Group, one of the kingdom’s biggest contractors, won the $1.2bn deal for the one-kilometer tall Kingdom Tower, which is set to steal the crown from Dubai’s Burj Khalifa.
The tower will include a hotel, serviced apartments, luxury condominiums and offices, and will occupy a 500,000 sq m area, Kingdom said in a statement on the Tadawul Tuesday,
It will be located in the first phase of Kingdom City, a 5.3m mixed-use development north of Jeddah, which overlooks the Red Sea and Obhur Creek.
The Binladin deal was signed by Jeddah Economic Company (JEC), one of Kingdom’s associate firms. The giant contractor also takes a 16.63 percent ownership of JEC.
Kingdom Holding holds 33.35 percent of JEC, alongside Abrar International Holding (33.35 percent) and Abdurrahman Sharbatly (16.67 percent).
No further details as to when construction will begin, or when the project will be completed, were provided.
The construction deal marks a significant step forward for the Jeddah project, which has been in the pipeline for some years. Last year, Kingdom signed up US-based Adrian Smith & Gordon Gill Architecture to design the building.
Media reports earlier this year had suggested that the tower could be as large as 1,600m tall, which would have made it twice as high as its nearest competitor.
The world's tallest building at present is Dubai's 828m high Burj Khalifa, developed by Emaar Properties. Completed in January 2010, the tower was designed by Skidmore, Owings and Merrill.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.
What is the point of having the tallest tower in the world?
It really looks like the GCC people are looking at anything to have some sort of recognition. But Guys, being in the Guiness Book of Record is not being in History!
Since recessions always follow the tallest towers, we can expect the next big one in Saudi
Congratulations on signing a deal for the tallest tower in the world. It is unfortunate that most of the world will not be able to experience it. I mean..who wants to go to saudi?
Can we learn from the mistakes of our neighbours or we also have to make mistakes to learn. Some part of Dubai are turning into ghost towns. Chasing each other for THE TALLEST THE BIGGEST in the ME has to stop somewhere.
What is with the obsession with making the worlds biggest, tallest, and largest? There are easier ways to get on the book of records than by spending so much money. Just buy the guinness book of records company and name is after you. E.g. XYZ's guinness book of records. That way you are on the front of the book, not just hidden somewhere inside.
Another big project for the construction company...while GCC are competing each other with THE BIGGEST, TALLEST,AND ALL OTHER ''EST'S....the benefit is for the construction companies, designers, consultants..who cares about what is giong to happen with the finshed product/project....whether occupied or not
I do not understand why you would want to build the tallest tower in a place which has poor infrastructure that can not support the daily lives of the people. Power outages, flooding, poor roads often without lane markings, rubbish lying around are problems that need to be addressed first before building landmark projects.
It will be great to build the greatest building which is near Makkah .
This building will serve as additional facility for the people coming to Makkah during the rush period . There is no doubt in commercial viability of the project . The building architecture should depict the glorious Muslim Architecture and The sponsors should guide the designers of the Building that the building should itself speek as monument of Saudi Culture which is Islamic . I wish all the success for the tower to be tallest and greatest for all times to come and should depict that it is monument built by Muslims
I cant wait to see the faces of all those female tourists when they are told that the abaya is compulsory in Saudia Arabia. I guess we ordinary folks will never understand the true meaning of having the longest piece of connected metal out there.
Everything has to be "biggest, largest and the best" in Saudi Arabia. That country has some of the largest and thirstiest American cars that any country outside of North America has. It has some of the worst-designed massive halls and reception areas for government buildings anywhere in the world, and these areas consume enough money (energy) per day to air-condition them that could feed a smallish poor nation's hungry children for a month. No, it is certainly not funny, but that seems to be the fact. Texas used to hold the mantle for "everything is large or big in Tex....." but now for the past couple of decades this oil-rich and pompous kingdom seems to want that title. Let's wish them luck and hope it continues... And it will as long as the oil holds out, and who knows, there are rumours that they have unexplored Gold reserves worth much more than the Oil Reserves!! Like they say, "Maafi mushkila!!"