Jeddah -Saudi Arabia – is now ready to work to build the tallest skyscraper Kingdom Tower. Development carried out in an effort to beat the record that is still held by Dubai Tower, or BurjKhalifa, who has a height of 828 meters. As reported by The Telegraph, Tuesday (2 / 8), Saudi Arabia agree on a contract worth 1.2 billion dollars, for the construction of the tower project, which will be named’ The Kingdom Tower. “
Tower which covers about 5.4 square feet that includes the Four Seasons Hotel, apartments, luxury condominiums and offices.
Saudi Arabia is always foremost in the matter of petroleum wealth, but this time trying to establish architectural project that will be seen as a symbol of economic success. Kingdom Holding Co., an investment company led by billionaire Prince Alwaleed binTalal, said it had signed a 4.2 billion riyals, or 1.2 billion dollars.
They work together with Saudi Bin laden Group to build a Kingdom Tower on the outskirts of the Red Sea, Jeddah. Decision of the partners to build the tallest building in the world show their confidence in investing in this country, “said Talal Al Maiman, board members and the JeddahEconomic Co KHC. According to Al Maiman, Kingdom Tower construction is expected to become the economic engine and a symbol of pride for the economy and culture in the world community.
He also added, “We envision a new Kingdom Tower as an icon in the history of Jeddah, as well as entrance into the holy city of Mecca.” Alwaleed bin Talal is the richest man in the royal family of Saudi Arabia. He owns the largest stake in Citigroup and News Corporation, which has the media like Fox News and the Wall Street Journal.
The tower was designed by Adrian Smith & Gordon Gill Architecture, Chicago, and is the first phase of the planned Kingdom City, an urban development project covering an area of 2 square miles worth U.S. $ 20 billion. The project was announced in 2008 when the global financial crisis occurred.
This is one of several mega-ambitious business empire that became OPEC’s biggest exporter. Saudi Arabia has planned a number of major economic cities that will help create tens of thousands of new jobs as the country tries to reduce dependence on foreign workers in professional fields. The country spends billions of dollars in university science and new technologies they hope will be a center of science and technology in the Gulf.
Along with the glamorous project, the Saudis also pumped more than U.S. $ 120 billion in the next few years to the creation of jobs and housing for low-income residents. In June 2009, KHC signed an agreement with Emaar Properties, Dubai, to develop and oversee the construction of Kingdom City and Kingdom Tower. Emaar, which is partially owned by the Dubai government, is the developer of the tallest building in the world today, the Burj Khalifa.
Burj Khalifa will break the record that has 160 floors and include the Armani Hotel. With a height of 2717 feet (828 meters), Burj Khalifa is not only the tallest building, but also the tallest free standing structure in the world. For comparison, the tallest building in the United States, Willis Tower in Chicago, has a height of 1451 feet (442meters) and the antennae became 1729 feet (527 meters). One World Trade Center towers being built in New York will have a height 1776 feet (541 meters) with an antenna tower. The building is scheduled for completion in 2013.
Dubai developer, Nakheel, plans to build a tower more than 3,280 feet (1,000meters) in the city-state, but delaying the plan in early 2009 as the global economic crisis. Under an agreement with the JEC, the Saudi Binladin Group will have a 16.6 percent stake in the affiliate Kingdom Holding Co. Saudi construction giant owned by the family of Osama bin Laden. The company is developing seven-tower complex in the holy city of Mecca, including the world’s largest clock built in a four-faced tower.