Construction is well under way on Kingdom Tower, the 1km tower that is being built by the Saudi royal family in the north port city of Jeddah.
Dubbed Kingdom Tower, the skyscraper that boasts a total construction area of more than 500,000 sq m will be a mixed-use development featuring luxury condominiums, an observatory, a Four Seasons hotel and Four Seasons serviced apartments.
The contract for the construction of the tower, which will be financed by Saudi royal family-owned Kingdom Holding Company, was signed with Saudi Bin Laden Group for US$1.2 billion with the entire Kingdom City Jeddah project estimated to cost US$20 billion.
Construction, which began earlier this year, is scheduled to take a total of 63 months.
According to senior project officials, Abdulrahman Sharbatly and Samaual Bakhsh, the building will become one of the world’s top tourism destinations upon completion.
“Kingdom Tower will become one of the world’s great tourist destinations as well as one of the most attractive places to live and work in the region,” Sharbatly and Bakhsh said in statement to investors.
On his part, Talal Al Maiman CEO of Kingdom Real Estate Development Company said the tower will be a symbol of the kingdom’s economic and cultural stature in the global community.
“Kingdom Tower will be a landmark structure that will greatly increase the value of other properties around it in Kingdom City and indeed throughout North Jeddah,” he said.
The tower was designed by Adrian Smith the American architect who designed Burj Khalifa, the world’s current tallest building.