The CEO of Kingdom Real Estate Development Co. has confirmed the receipt of funds to building the newest “World’s Tallest Tower”, the 1 kilometer-high Kingdom Tower.
Talal Al Maiman conducted an interview in Shanghai saying that the company has officially secured the $1.2 billion needed to build the tower in Jeddah, Saudi Arabia.Al Maiman said, “We have all the investors, all the finance, all the money we need. It took us beyond 20 months to convince investors, working every detail and aspect of financing.”
The tower, set to be completed in 2018, will hold a variety of entities including a hotel, offices, and apartments. The contracting group is Saudi Bin Laden Group, and it has been designed by Adrian Smith and Gordon Gill Architecture.
The Kingdom Tower is one phase of the new urban development plan for Kingdom City in Jeddah. It will cover 5.3 million meters overlooking the Red Sea.Announced partners for the company include Kingdom Holding Copmany with a 33.35% stake, Saudi Bin Laden group with 16.63%, Abraar International Holding Company with 33.35%, and businessman Abdulrahman Hassan Sharbatly with 16.67%.
The company building the tower, Kingdom Real Estate, is an arm of the company owned by Prince Al Waleed bin Talal, Kingdom Holding Co.
No word yet from Dubai’s real estate company Emaar, which built the current world’s tallest tower, Burj Khalifa, in Dubai. Burj Khalifa is 829.84 meters tall.