Saudi billionaire, Alwaleed bin Talal, is building a 1000 meter tower that will include a hotel, luxurious residential apartments and offices. Talal’s company, The Kingdom Holding Company, announced the execution of the agreement between Jeddah Economic (one of the partner companies) and the Bin Laden Group. The Kingdom Tower will be built in Jeddah on the Red Sea.
The tower will be the highest tower in the world costing 4.6 billion Saudi riyals. The Kingdom Tower will be taller than the Tower Khalifa in Dubai, which is 825 meters tall, built by the Emaar Real Estate
It’s also worth noting that the list of the companies that competed for the project included the alliance of Seif Engineering and Saudi Constructions with the Belgian Six Construct, and the Saudi Oger and the Saudi Ben Laden Group.
Prince Alwaleed, who owns 95% of the Kingdom Holding, developed his fortune by focusing his investments on banks, hotels and media news, which are owned largely by companies like Citigroup (C), News Corp (NWS), Apple (AAPL) and Time Warner (TWX).
Over the past few years, the Prince, one of the richest businessmen in the Middle East for the last two decades, tried to attract new investors and acquisitions around the world. In April, the Kingdom Holding Company and BATELCO signed a non-binding agreement for the purchase of a 25% stake in the Saudi unit of the Mobile Telecommunications Company, Kuwait known as the ZAIN Company, for about $1.2 billion dollars. (www.yallafinance.com )