Dubai: The 1,000-meter world's tallest tower costing about Rs 6,330 crore will be constructed in the Saudi Arabian city of Jeddah, it was announced on Monday.
Chairman of Kingdom Holding Company (KHC), Prince Alwaleed bin Talal bin Abdulaziz Alsaud, said the tower is expected to be completed in 63 months at a cost of 4.6 billion riyals.
The Saudi Arabia-based KHC is one of the world's largest and most diversified private investment companies with holdings in a large number of Saudi Arabian, Middle Eastern and International companies.
The 'Kingdom Tower' will be the centrepiece and the first construction phase of Kingdom City Jeddah, Alsaud said while giving details about the proposed world's tallest tower.
He also announced investment of Rs 2,065 crore (1.5 billion Saudi riyals) from the Saudi Bin Laden Group (SBG) for a 16.63 per cent stake in Jeddah Economic Company (JEC)-- owner of the Jeddah mega project that includes the world's tallest Kingdom Tower.
The final clearance to construct the tower was formally received from the Jeddah municipality on February 19, 2012, the company said.
The contract for construction of the tower was signed with SBG for USD 1.2 billion (SR4.6 billion) and the overall cost of the entire Kingdom City Jeddah project is estimated at USD 20 billion (SR75 billion).