(NewsCore) - JEDDAH, Saudi Arabia -- Saudi Arabia's Kingdom Holding Co., run by billionaire Prince Alwaleed bin Talal, said Tuesday it had signed a 4.6 billion Saudi riyal ($1.23 billion) deal with Bin Laden Group to build the world's tallest tower in Jeddah, Saudi Arabia.
The planned tower, which will soar to more than 3,280 feet (1,000 meters), will include a hotel, serviced apartments, luxury condominiums and offices and will occupy an area of 5.38 million square feet (500,000 square meters).
"This project will provide sustainable profits to Kingdom Holding shareholders," Prince Alwaleed said at a news conference in Riyadh. It "has been in discussion since four years because of our emphasis to have it very economically viable ... this project is very feasible for the shareholders, and everybody is satisfied with the potential returns."
Construction on the Kingdom Tower, which will take 63 months to complete, is expected to start soon, Prince Alwaleed said. He said finances for the tower were in place, without giving any further details.
The tower would top Dubai's 2,717-foot (828-meter) Burj Khalifa, which currently is the world's tallest building. Kingdom's project will be part of the more than 57 million square-foot (5.3 million square-meter) Kingdom City, north of Jeddah, which overlooks the Red Sea and Obhur Creek and is expected to cost $20 billion.
"The critics will say it's unnecessary when resources may be deployed for other much needed development and infrastructure," said Saud Masud, financial analyst at regional investment bank Rasmala. "However, as a symbolic undertaking, this project may carry merit. Saudi is the largest economy in the Middle East with a need for socioeconomic advancement and development. The tower may reflect inspiration to that effect."
Bin Laden Group is the largest construction firm in Saudi Arabia and is owned by the Bin Laden family, which in the 1990s distanced itself from Osama bin Laden.
Chicago-based Adrian Smith + Gordon Gill Architecture led an interdisciplinary team that designed the tower.
"Building this tower in Jeddah sends a financial and economic message that should not be ignored. It has a political depth to it to tell the world that we Saudis invest in our country," Prince Alwaleed said.
Read more: Wall Street Journal
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