By Daniel Shane
Kingdom Holding announces US$400m Saudi Bin Laden investment in Jeddah's Kingdom Tower
Jeddah's Kingdom Tower, set to become the world’s tallest building, will be completed midway through 2017, according to the chairman of one of the major shareholders in the project.
In a statement today, Kingdom Holding's HRH Prince Alwaleed Bin Talal said that the 1,000m high skyscraper in the Red Sea port city would be finished “in 63 months”.
Kingdom Holding also announced that developer Saudi Bin Laden Group has bought a 16.63 percent stake in the project for SAR1.5bn (US$400m).
Prince Alwaleed’s Kingdom Holding has a 33.35 percent stake in Jeddah Economic Company, the firm set up to build the Kingdom Tower project.
The other shareholders are Abraar International Holding Company, also with 33.35 percent, and Jeddah businessman Abdulrahman Hassan Sharbatly with 16.67 percent.
Kingdom Holding said today that the final license from Jeddah municipality to build the Kingdom Tower was formally received on February 19.
The mixed use development will have a total construction area of more than 500,000 sqm and will house a Four Seasons hotel, serviced apartments, office space, luxury condominiums and the world’s highest observation deck.
Kingdom Tower will form part of the wider Kingdom City project, a 56m sq ft, SAR75bn development which will include a number of other residential and commercial buildings.
On completion, Kingdom Tower will trump Dubai's 830m Burj Khalifa to become the tallest free-standing structure in the world.
It may not hold the record for long however, with an Azerbaijani firm recently announcing plans to build a 1,030m structure in the Caspian Sea nation's capital Baku.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.
Awesome.....I can't wait to not go there and see it
Its a shame to see how these wealthy Arab nations are busy in the race to create more taller buildings, whereas thousands of Muslims are suffering all over the world.
I am not asking them to go and help other Nations, but at least help the thousands of poor labor who end up building these luxury buildings and themselves.
There are tonnes of documentaries and articles over the web where one can find the sort of misery and unimaginable situations these people are pushed into, and there is no one to care.
May Allah guide us all.
The talest building will be finished in 2017. I'd like to ask when will the dainage system and overflowing sewers of Jeddah be completed? When will we have pavements (side walks) for pedestrians? When will we have proper side roads with road markings? etc etc....
Can any sane person bring an end to this "tallest thing madness" Towers were invented to solve a problem; high population density coupled with scarce land, neither of which is the case in the empty deserts of Arabia!!!!
Yes you are right. thanks for your comments.
How many Saudis will be employed on this project? How many architects, engineers, craftsmen, interior designers, cleaners? Probably exactly zero. The vanity of this tower is surpassed only by the myopia of the whole idea. The Kingdom is facing enormous economic and social issues, yet "mine is bigger than yours" prevails. Just as London does not need The Shard, Jeddah has no need for this glass monstrosity.
Has anyone seen/read 'The Prophecies of Nostradamus' ? Kinda scary when you think about that the man wrote!!! Slowly but surely, its all coming to pass.
Another ugly tall building I have no interest in visiting or hearing about.
So who will build the worlds deepest underground car park? We haven't heard about that one yet!
Who will be first? Any takers out there?
and guess what the Shard is 80% owned by Qatar!!!