Alwaleed signs deal for world's tallest tower

03/08/2011 00:00 AST

Saudi billionaire Prince Alwaleed bin Talal has given the go ahead for the construction of the world's tallest tower in the Red Sea port city of Jeddah by signing a SR4.6 billion ($1.23 billion) contract with Bin Laden Group.

Kingdom Tower will be the centerpiece and the first construction phase of Kingdom City, Jeddah Economic Company's (JEC) new urban development of more than 5.3 million sq m of land in the north of Jeddah overlooking the Red Sea and Obhur Creek.

'This project will provide sustainable profits to Kingdom Holding shareholders,' Prince Alwaleed said.

'The vision of constructing the tallest tower in the world in Jeddah belongs to HRH Prince Alwaleed Bin Talal, who was closely involved in the selection of the scheme currently under design,' said Talal Al Maiman, executive director, Development and Domestic Investments, a board member of Kingdom Holding Company and a board member of Jeddah Economic Company, which was formed in 2009 to develop Kingdom City in Jeddah.

'We were impressed by the boldness and simplicity of the AS+GG design. Kingdom Tower's height is remarkable, obviously, but the building's iconic status will not depend solely on that aspect. Its form is brilliantly sculpted, making it quite simply the most beautiful building in the world of any height,' Al Maiman added.

'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 short list of three firms submitted final offers for the tower construction. The Saudi Bin Laden Group (SBG) whose offer was the most attractive in terms of price, quality and schedule was chosen for the project.

With a total construction area of over 500,000 sq m, the soaring Kingdom Tower will be a mixed-use building featuring a Four Seasons hotel, Four Seasons serviced apartments, first class office space, luxury condominiums and an observatory that will be higher than the world's current highest observation deck.

The overall estimated cost of the entire Kingdom City project is anticipated to be SR75 billion ($20 billion).

“We intend Kingdom Tower to become both an economic engine and a proud symbol of the Kingdom's economic and cultural stature in the world community,' said Al Maiman.

'Kingdom Tower will be a landmark structure that will greatly increase the value of the hundreds of other properties around it in Kingdom City and indeed throughout North Jeddah.'

The partners of JEC are Kingdom Holding Company, Samaual Bakhsh, Abraar, International Holding Company, prominent Jeddah businessmen Abdulrahman Hassan Sharbatly and Saudi Bin Laden Group (SBG).

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