Saudi Arabia 's Kingdom Holding Company, owned by billionaire prince Alwaleed bin Talal, announced Tuesday plans to build the world's tallest buildings after signing a 4.6 billion Saudi riyal (around 1.23 billion dollars) deal, dpa reported.
The tower, to be located in the Red Sea port city of Jeddah, is to be more than 1,000 metres high, and will include a hotel and luxury offices and serviced apartments, the group said in a statement.
It is expected to take five years and will occupy an area of 500,000 square meters.
After it is completed, the Jeddah tower would replace Dubai's Burj Khalifa as the world's tallest building. Burj Khalifa is 828 metres tall and was opened last year.