By Parag Deulgaonkar www.emirates247.com
Burj Khalifa, the 2,717-ft high tower, will continue to hold the title for the tallest building in the world, at least, till 2017.
Quoting Kingdom Holding Company (KHC) Chairman Prince Alwaleed bin Talal, Saudi newspapers have reported that the 1,000-metre high tall Kingdom Tower in Jeddah will be completed by mid-2017.
An Azerbaijan company, however, has revealed plans to build the tallest tower in the world, standing at 1,050 metres, which will be surrounded by number of artificial islands and a Formula One race track.
The project is likely to be completed between 2020 and 2025.
The Kingdom Tower is the centerpiece of the Kingdom City Jeddah — new urban development of more than 5.3 million sqmt of land in the north of Jeddah, overlooking the Red Sea and Obhur Creek.
And in order to achieve its target, the Jeddah Economic Company (JEC), on April 15, announced a capital increase from SR7.3 billion to SR8.8 billion for the mega project which includes the 1,000-metre high Kingdom Tower.
KHC Chairman Prince Alwaleed bin Talal, the driving force behind the decision to build the tower, announced an investment of SR1.5 billion from the Saudi Binladin Group (SBG) for a 16.63 per cent stake in Jeddah Economic Company, owner of the SR75-billion ($20 billion) Jeddah mega project, Arab News reported. More info