Saudi Arabia to complete world's tallest building by 2018, Jeddah Tower reaching one (1) kilometer high into the sky - Decofair
Published 2017-09-12 05:55:42
The Kingdom Tower in Jeddah, meanwhile, will be a true symbol of the strength of the Saudi construction industry when it is unveiled in 2019; becoming the world’s tallest building.
Dubai's iconic Burj Khalifa, the world's tallest building, could be stripped of its Guinness title if Saudi Arabia succeeds in its plans to construct the even larger Jeddah Tower - a prospect looking more likely as funds for the $1.23 billion project have been secured.
A Saudi government press release on Sunday said Jeddah Economic Company and Saudi Arabia's Alinma Investment had signed a financing deal for 8.4 billion Saudi riyals (or $2.2 billion) to build Jeddah City, including the sky-piercing tower.
The project is currently built up to the 26th floor, it added. The 3,280-feet (1 kilometer) skyscraper is scheduled for completion in 2020. The Burj Khalifa, by comparison, stands at a meeker 2,716 feet, or 827 meters.
"With this deal, we will reach new, as yet unheard of highs in real estate development, and will fulfill the company's objective of creating a world-class urban center that offers an advanced lifestyle, so that Jeddah may have a new iconic landmark that attracts people from all walks of society with comprehensive services and a multitude of uses," said Mounib Hammoud, Chief Executive Officer of Jeddah Economic Company.