Dubai: The construction work will soon commence on the world's tallest tower, with a height of over 1,000 metres, in Jeddah, it has been announced by the Chairman of the Kingdom Holding Company, Prince Alwaleed bin Talal bin Abdulaziz Alsaud.
The contract for construction of the tower, dubbed Kingdom Tower, has already been awarded, said Alwaleed, who initiated and was the driving force behind the decision to build the world's tallest building in Saudi Arabia.
Kingdom Tower will be the centerpiece and the first construction phase of Kingdom City, Jeddah Economic Company's (JEC) new urban development of more than 5.3 million square meters of land in the north of Jeddah, overlooking the Red Sea and Obhur Creek.
Prince Alwaleed said the project will provide sustainable profits to Kingdom Holding shareholders.
Five contractors were invited to offer proposals for Kingdom Tower and a short-list of three firms submitted final offers for the tower construction. The Saudi Bin Laden Group (SBG), whose offer was the most attractive in terms of price, quality and schedule, was chosen for the project.
With a total construction area of over 500,000 square meters, the soaring Kingdom Tower will be a mixed-use building.