Kingdom Holding Company (KHC) has announced that the $1.2bn Kingdom Tower project in Jeddah, Saudi Arabia will be completed by the middle of 2017.
Kingdom Tower, designed by US-based Adrian Smith + Gordon Gill Architecture, will be 1km tall.
The tower forms part of the first construction phase of Kingdom City Jeddah, the new urban development project of Jeddah Economic Company (JEC) to be developed overlooking the Red Sea and Obhur Creek.
KHC chairman Alwaleed Bin Talal Bin Abdulaziz Alsaud said: "The world’s tallest tower in Jeddah will be completed in 63 months."
Developer Saudi Bin Laden Group (SBG) has acquired a 16.63% stake in JEC for SR1.5bn ($399.9m), while KHC will continue to hold a 33.35% stake in the project.
The other stakeholders are Abraar International Holding Company with 33.35% and Jeddah businessman Abdulrahman Hassan Sharbatly with 16.67%.
The 161-storey tower, to be built over an area of 500,000m², will comprise a Four Seasons hotel, Four Seasons serviced apartments, office space, condominiums and an observatory deck.
It will also house a high-end shopping mall, additional development parcels that will accommodate commercial and high-density residential structures and open spaces, including the central tower plaza.
The mixed-use building complex will contain 59 elevators, including 54 single-deck and five double-deck elevators, along with 12 escalators.
It will include a high-performance exterior wall system that will minimise energy consumption by reducing thermal loads, while three sides of the building will feature a series of notches that create pockets of shadow, shielding parts of the building from the sun.
Upon completion, the tower is expected to be the tallest in the world, rising to over 1km high and making it at least 173m (568ft) taller than the current tallest building, Dubai’s 828m Burj Khalifa.
The entire Kingdom City Jeddah project is expected to cost SR75bn ($20bn) and take ten years to complete.
Caption: The tower will be about 173m higher than the world’s existing tallest skyscraper, the Burj Khalifa in Dubai. Image: courtesy of Kingdom Holding Company.