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World's tallest Kingdom Tower on 'solid path'

by CW Staff on Nov 4, 2012


Board meeting of partners behind the Kingdom Tower project
Board meeting of partners behind the Kingdom Tower project

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Saudi Arabia's Prince Alwaleed, whose Kingdom Holding Company is behind the 1km-high Kingdom Tower project, has argued that the scheme is on "a solid strategic path" following a meeting of the project's various partners.

The third meeting of the project's board saw them discuss its latest development, including the formal award of a $40.8m (SR: 153m) contract for piling works to Saudi Bauer Foundation Contractors, which was announced last month.

The Burj Khalifa in Dubai is currently the tallest building in the world at 828m.

The award was made by main contractor Saudi BinLaden Group, which has also invested $400m in the project and holds a 16.6% stake in the entity which is developing the scheme, Jeddah Economic Company.

Eng. Talal Al Maiman, chairman and CEO of Prince Alwaleed's Kingdom Real Estate Development Company, said: “The vision of constructing the tallest tower in the world in Jeddah belongs to Prince Alwaleed, who was closely involved in the selection of the scheme currently under design.”

He added: “The decision of the partners to build the world’s tallest building further demonstrates their belief in investing in this nation.”

A licence to build the tower was granted in February 2012 and the project is earmarked for completion by 2017. It is expected to cost $1.2bn, and form the first phase of a wider Kingdom City scheme that is projected to cost $2bn.

Kingdom City Jeddah will be built on a 5.3 million square metre plot in the north of Jeddah overlooking the Red Sea.

Alongside Saudi Binladin Group's investment, Prince Alwaleed's Kingdom Holding Company has a 33.35% stake, Abraar IOnternational Holding Co has 33.35% and Jeddah-based businessman Abdulrahman Hassan Sharbatly has the remaining 16.67%.

Mr Sharbatly and Abraar International's Samual Baksh said in a joint statement that on completion Kingdom Tower would be "one of the world’s great tourist destinations as well as one of the most attractive places to live and work in the region”.

“In the meantime, we believe this project will create thousands of jobs, spurring the local economy,” he said.

The tower has been designed by Chicago-based architecture firm Adrian Smith + Gordn Gill Architecture (AS+GG). The design team also includes building services engineering consultants, Environmental Systems Design and structural engineer Thornton Tomasetti.

Kingdom Tower will be a mixed-use building containing a Four Seasons hotel, Four Seasons serviced apartments, office space, luxury apartments and an observatory level that will be higher than the world’s current highest observation deck.


FEATURED COMMENT

It seems to me all GCC countries are following and copying the vision of UAE, but they don't have the leaders and vision

  2 Comments


Readers' Comments


Muhammad (Nov 10, 2012)
Abu Dhabi
United Arab Emirates

Vision Of UAE
It seems to me all GCC countries are following and copying the vision of UAE, but they don't have the leaders and vision of UAE. The strict rules and policies of KSA keeps tourists away from it. It will take decades for KSA to come to the level of UAE in terms of security and social infrastructure along with lots of facilities for tourists.

Feroze Ghaffoor (Nov 5, 2012)
Colombo
Sri Lanka

World's tallest Kingdom Tower on 'solid path'
As opinions differ, I sincerely feel, all this expense is a waste of a collosal amount of money, which otherwise could have been put into proper use to build half of Jeddah's land area into a jungle or forest with lots of vegetation, flora and fauna... in other words turn the desert sands of Arabia into a green and then introduce Safari Parks, have all the habitats of animals brought in there. let me quote" Mr Sharbatly and Abraar International's Samual Baksh said in a joint statement that on completion Kingdom Tower would be "one of the world's great tourist destinations". How can that happen...to get an ordinary visa takes weeks. How are they going to get tourists over there? It must be logical..it must be like any ASIAN destination where you can fly in and a visa is provided.


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