Jeddah includes the highest tower in the world with a 4.6 trillion Riyals cost

The actual height of the tower is "confidential" and will not be revealed until it's done through 63 months

The Kingdom Holdings Company reveal the signing of a construction contract of the highest tower in the world in Jeddah city, costing 4.6 trillion Riyals with a height that exceeds 1000 meters within the first phase of the Kingdom City project to the north of Jeddah city, with an area of 5.4 million square meters and facing the Red Sea and Abhor Gulf.
The kingdom holdings also signed a cooperation agreement with Bin Laden Saudi Group as a partner in Jeddah Economic Company with a percentage of 16.63%. Jeddah Economic Company will start working in building the tower within the first phase of Kingdom city.
Prince Waleed Bin Talal, the president of the company's council, said to "Al Riyadh" in a press conference that was held by "Kingdom Holdings" that the marketing of the other phases of the Kingdom City project will start immediately in the coming weeks. The total cost of the project will reach about 75 trillion Saudi Riyals (20 trillion dollars). Prince Waleed also revealed other upcoming projects that Kingdom Holdings are planning to do in the coming months, and said to "Al Riyadh" in a question about the company's direction to the local real estate investments: we will reveal in the coming months the details of the Kingdom Holdings city in the eastern Riyadh, which will be made on an area exceeding 20 million square meters, we are also planning to launch multiples of other projects whose details will be revealed at that time, most of them in Riyadh. Prince Waleed also clarified that the actual height of the tower will not be announced until it's done in the coming 63 months, adding: there will be adequate profits in the project for the shareholders of the Kingdom Company for the coming years. The tower will exceed the 100 meters and it is the highest in the world but we will not reveal its height until the end of the project that will be in the new center of Jeddah. This project got a lot of support from the Custodian of the Two Holy Mosques and he ordered to give all logistic aids for it because of what it carries o political, social and economic dimensions.
Prince waleed also showed that the project was delayed for four years as it got a lot of detailed studies for all of its requirements and the major allies, explaining that the entrance of Bin Laden Group Company required more than two years because Bind Laden will be in charge of executing the tower after it entered with a percentage equal to one trillion and a half Riyals, assuring that the current regional political circumstances will not disrupt the works of the real estate in the Kingdom but will attract the external investments as well as a comfort source of the investors.
And with the entrance of Bin Laden Group the shares of the shareholders in Jeddah Economic Company, Kingdom Holdings Company are 33.35%, Abrar International Holdings 33.35%, Abdulrahman Shrabtely 16.6% and Bin Laden Group 16.63%.
Al Waleed Bin Talal to "Al Riyadh": marketing for the next phases will begin immediately, and we will reveal the details of the "Kingdom City" in weeks
Engineer Talal Bin Ibrahim Al Meman, the executive chief of local development and investment and the member of the Kingdom Holdings Company as well as the member of the Jeddah Economic Company council that was established in 2009 to develop the Kingdom city in Jeddah, commented by saying that it is the vision of his Royal Highness Prince Waleed Bin Talal to make the highest tower in the world in Jeddah city. He also added that taking the decision by the shareholders of Jeddah Economic City to build this big project is just another evidence of their love and believe in investment in this beloved country. Moreover, Prince Waleed who participated in choosing the design along with Mr. Samwal Bakhsh and Mr. Abdulrahman Sharabtly showed his impression of the simple yet sharp design that was proposed by Smith and Gordon Gill Adrian for Architecture. The tower is distinguished with its notable height and the simple yet attractive design, which makes it one of the most magnificent buildings in the world. Five companies were invited to propose for executing the project, and they were qualified so that only three companies will compete, and Bin Laden Group Company was chosen to build the tower because of its cost, quality and the timeline of finishing the project. The towers area is 500,000 square meters, composed of the Four Seasons Hotel, Four Seasons flats, residential flats and type A offices, in addition to private residential units and the highest surveillance tower in the world along with other establishments. The cost of the Kingdom Tower is about 4.6 trillion Riyals (1.2 trillion U.S Dollars), and the total cost of the Kingdom City project is about 75 trillion Riyals (20 trillion U.S Dollars). The partners of the Jeddah Economic Company JEC are composed of Kingdom Holdings Company, Abrar International Holdings, Mr. Abdulrahman Hasan Sharabtly and Bin Laden Saudi group. Noting that the capital of the Jeddah Economic Company is 8.8 trillion riyals split into assets worth 7.3 trillion riyals in addition to the share of 1.5 trillion riyals in cash from the Bin Laden Saudi Company Limited.
Furthermore, Abdulrahman Hasan Sharabtly Al Bakhsh commented by saying that with the end of the Kingdom Tower, it will be one of the international tourism milestones and one of the best attractive places of residence and work in the region, in addition to creating thousands of job opportunities and enhancing the local market.
Engineer Talal Al Meman added that the Kingdom Tower, which is the most important, would resemble a new modern architecture milestone and will be the main orientation of this transitional project in Jeddah. He also said that our vision of the Kingdom Tower as a new milestone and an addition to the historical position of Jeddah city that is considered the main passage to Mecca, pointing that the Southeast tri-base of the Kingdom Tower will be on a straight line with Kaaba in Mecca.
A specialized architecture team supervised the design of the Kingdom Tower, headed by Smith and Gordon Gill Adrian, located in Chicago city in the United States. The team includes also Thorton Tomasetti who is the engineer responsible for designing three highest towers in the world. Smith and Gordon Gill Adrian was chosen by Jeddah Economic Company after the competition that included Pickard Chilton, Kohn Pederson Fox and Pelli Clarket Pelli and Foster and partners.