Dubai: Saudi-based Kingdom Holding plans to build the world's tallest tower, as part of a project worth 75 billion riyals (Dh73.45 billion) in the city of Jeddah.
Alsharq Al Awsat newspaper, citing Kingdom's Chairman Prince Alwaleed Bin Talal, said the company will officially announce the project at a press conference in three weeks time.
The skyscraper will be at the centre of the mixed project, which will stretch over 3.5 million square metres of land.
Kingdom Holding has also planned another development, in the capital city of Riyadh, with an estimated investment value of 25 billion riyals. It will include a park, a hotel and other entertainment elements, as well as 10,000 residential units.
Kingdom Holding, the investment firm of the Saudi billionaire prince, posted a 52.6 per cent rise in third-quarter earnings on Monday, driven by higher investment returns.
Kingdom, which is 95-per cent owned by the nephew of Saudi ruler King Abdullah, has minority stakes in some of the world's top companies, the most valuable of which is Citigroup
The world's tallest building at present is Dubai's 828-metre Burj Khalifa, developed by Emaar Properties.