By Kevin Brass

Plans are moving forward on Kingdom Tower in Jeddah, Saudi Arabia, the latest contender for the mantle of “world’s tallest building.”

Part of the 23-million-square-meter project known as Kingdom City, the tower is slotted for 1001 meters, 173 meters taller than Dubai’s Burj Khalifa, the current record holder, which opened earlier this year.

Contractors are currently bidding for the right to build the skyscraper, according to the National. The project is being developed by Saudi Prince Alwaleed bin Talal bin Abdulaziz Al Saud, one of the richest men in the world.

The project has been discussed for several years, but there has been a flurry of activity in recent years. Construction companies have been asked to submit bids three times this year, accounting for changes in the market and the tower’s design.

According to the National, bidders include Six Construct, a Belgian company that worked on the Burj Khalifa, and its Saudi partner, El Seif Engineering Contracting; Australia’s Multiplex Construction; and Saudi BinLadin Group, one of the biggest construction companies in the region.

If built to the current plan, Kingdom Tower would move past Burj Khalifa, but still faces competition for the “world’s tallest” title. The Burj Mubarak Al Kabir proposed for Kuwait is also planned for 1001 meters, and the Murjan Tower in Bahrain is slotted for 1022 meters, according to the Council on Tall Buildings and Urban Habitat.