Contract awarded for world’s tallest tower
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Hey there, time traveller!
This article was published 03/08/2011 (5329 days ago), so information in it may no longer be current.
CAIRO, Egypt — Saudi Arabia took a key step forward Tuesday in its plan to build the world’s tallest tower and outdo Gulf neighbour Dubai, which inaugurated its own record-breaking skyscraper less than two years ago.
The Saudis awarded a more-than-$1-billion contract for the Kingdom Tower, which will soar a kilometre high. It will have a Four Seasons hotel, serviced apartments, luxury condominiums and offices, encompassing, in all, about 5.4 million square feet.
The plans make Saudi Arabia a front-runner in the race between the oil-rich Gulf nations for glitzy, architectural trophies that dot their desert territories with glimmering skyscrapers and elaborate, man-made islands. The projects are seen as status symbols that show off both economic success and cultural sophistication.
Kingdom Holding Co., an investment firm headed by billionaire Prince Alwaleed bin Talal, said it signed a 4.2 billion riyal ($1.1 billion) deal with the Saudi Binladen Group to build Kingdom Tower on the outskirts of Jiddah.
“The decision of the partners to build the world’s tallest building further demonstrates their belief in investing in this nation,” said Talal Al Maiman, a member of the boards of KHC and the Jeddah Economic Co., a KHC affiliate that signed the deal with the Binladen Group.
“We intend Kingdom Tower to become both an economic engine and a proud symbol of the kingdom’s economic and cultural stature in the world community,” said Al Maiman. “We envision Kingdom Tower as a new iconic marker of Jiddah’s historic importance as the traditional gateway to the holy city of Mecca.”
The venture is also seen as a key part of Saudi ambitions to keep growth healthy by diversifying its economic base away from the crude oil that has fuelled the economy for decades.
The tower, designed by Chicago-based Adrian Smith & Gordon Gill Architecture, is the first phase of the planned Kingdom City, a sprawling, $20-billion, five-square-kilometre urban development project first announced in 2008, as the global financial crisis was squeezing world markets.
The Binladen Group is owned by Osama bin Laden’s family, which disavowed the al-Qaida leader years ago.
— The Associated Press