JEDDAH: A Jeddah-based project to build the tallest tower in the world has been given the go-ahead after it received its final license, Chairman of Kingdom Holding Company (KHC) Prince Alwaleed bin Talal confirmed.

The SR4.6 billion Kingdom Tower, which will stand over 1,000 meters tall, is the centerpiece and the first construction phase of Kingdom City, Jeddah Economic Company’s (JEC) new urban development covering more than 5.3 million square meters of land in the north of Jeddah overlooking the Red Sea and Obhur Creek. Work on the project began on Jan. 1.

Partners of JEC include KHC, Samaual Bakhsh, Abraar, International Holding Company, prominent Jeddah businessman Abdulrahman Hassan Sharbatly and Saudi Binladin Group (SBG).

“This project will provide sustainable profits to shareholders,” said Prince Alwaleed.

He also thanked various supporters of the project, including Makkah Gov. Prince Khaled Al-Faisal, Minister of Municipal and Rural Affairs Prince Mansour bin Miteb, Jeddah Mayor Hani Aburass, and Gen. Adil Zamzami and Lt. Gen. Abdalah Jedawi from the General Directorate of the Civil Defense.

“The vision of constructing the tallest tower in the world in Jeddah belongs to Prince Alwaleed bin Talal, who was closely involved in the selection of the scheme currently under design,” said Talal Al-Maiman, a board member of KHC and Jeddah Economic Company, which was formed in 2009 to develop Kingdom City in Jeddah.

“Kingdom Tower’s height is remarkable, obviously, but the building’s iconic status will not depend solely on that. Its form is brilliantly sculpted, making it quite simply the most beautiful building in the world of any height. The decision of the partners to build the world’s tallest building further demonstrates their belief in investing in this nation.”

Five contractors were invited to offer proposals for the Kingdom Tower and a shortlist of three firms submitted final offers for the tower construction. SBG was chosen for the project.