Jeddah (Saudi Arabia) – Dubai, long champion of all things biggest, longest and most expensive, will soon have some competition from neighboring Saudi Arabia.
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.
Saudi Arabia’s billionaire prince Al Waleed bin Talal and his holding company Kingdom Holding Co have secured $2bn (£1.33bn) to complete Jeddah Tower, the tallest building in the world, which will reach a more than 1km in height (almost 3,300 feet).
Jeddah Economic Company and Saudi Arabia’s Alinma Investment have signed a deal to initiate an SR8.4 billion fund.
An Islamic banking fund, in keeping with Sharia, of 8.4bn riyal ($2.24bn) will fund a larger financial district in Jeddah, known as Jeddah Economic City. Jeddah tower is expected to be completed in 2018 and the project is expected to be finished on time now the funds have been secured.
Alwaleed said a year ago that the tower, which will feature a hotel, apartments and offices, was slated for completion in 2018. At that time the four-storey foundations of the building were finished and Alwaleed said “now we are on the verge of building a floor every four days”.
“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.
It is expected that construction of the tower will require 5.7 million square feet of concrete and 80,000 tons of steel.
There are plans for a 98 foot sky terrace on the 157th floor. When it completed, it will be the highest terrace in the world. and it will schedule for completion in 2020.
The skyscraper will have 200 floors and foundations would be 200 feet deep.
