DUBAI Aug 2 Kingdom Holding , owned by
Saudi billionaire Prince Alwaleed bin Talal, said on Tuesday an
associate firm signed a contract worth 4.6 billion riyals ($1.23
billion) with Bin Laden Group to build the world's tallest tower
The proposed tower will stretch a kilometre high and include
a hotel, serviced apartments, luxury condominiums and offices,
Kingdom said in a statement.
If completed, the tower will replace Dubai's Burj Khalifa,
standing 828 metres tall, as the tallest tower in the world. The
Burj Khalifa was built by Emaar Properties for a total
cost of $1.5 billion.
The tower is part of the first phase of Kingdom City, which
is being built north of the Red Sea port city.
Kingdom said the associate firm, Jeddah Economic Co., will
be 16.63 percent-owned by the Bin Laden Group while Kingdom will
hold a 33.35 percent stake in the venture.
Abrar International Holding Co. will also have a 33.35
percent stake while businessman Abdurrahman Sharbatly will own
Last month, Kingdom reported a 21-percent rise in
second-quarter net profit helped by higher income from its
(Reporting by Dinesh Nair; Editing by Amran Abocar)