Emaar denies Kingdom Holding deal to develop world's tallest tower

Dubai: Emaar Properties on Monday issued a denial that it had made any deal with Saudi Arabia's Kingdom Holding Company on developing the world's tallest tower with a total investment of at least 100 billion riyals ($26.7 billion).

Kingdom Holding, owned by billionaire Prince Alwaleed bin Talal, said on Saturday in an emailed statement that Emaar would be in charge of developing and supervising the construction of the Kingdom Tower.

The news saw a surge in Emaar's shares rise up to to 7.8 per cent.

In a statement issued to Reuters, the Dubai based properties said that it will not invest in any projects of this sort.

Emaar is currently constructing the world's tallest tower, Burj Dubai, in the emirate - a regional trade and tourism hub.