Saudi Arabia to build world's tallest tower, reaching 1 kilometer

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Dubai, long champion of all things biggest, longest and most expensive, will soon have some competition from neighboring Saudi Arabia.

Saudi Arabia to build world's tallest tower, reaching 1 kilometer

Dubai's iconic Burj Khalifa, the world's tallest building, could be stripped of its Guinness title if Saudi Arabia succeeds in its plans to construct the even larger Jeddah Tower -- a prospect looking more likely as funds for the $1.23 billion project have been secured.

A Saudi government press release on Sunday said Jeddah Economic Company and Saudi Arabia's Alinma Investment had signed a financing deal for 8.4 billion Saudi riyals (or $2.2 billion) to build Jeddah City, including the sky-piercing tower.

The project is currently built up to the 26th floor, it added. The 3,280-feet (1 kilometer) skyscraper is scheduled for completion in 2020. The Burj Khalifa, by comparison, stands at a meeker 2,716 feet, or 827 meters.

"With this deal, we will reach new, as yet unheard of highs in real estate development, and will fulfill the company's objective of creating a world-class urban center that offers an advanced lifestyle, so that Jeddah may have a new iconic landmark that attracts people from all walks of society with comprehensive services and a multitude of uses," said Mounib Hammoud, Chief Executive Officer of Jeddah Economic Company.

Fuente: edition.cnn.com
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