Last updated: 06:00 PM ET, Tue December 01 2015

Company Receive Funding to Complete World's Tallest Building

Destination & Tourism | Donald Wood | December 01, 2015

Company Receive Funding to Complete World's Tallest Building

Photo courtesy of the Saudi government

Saudi Arabia companies have secured the funding needed to finish the Kingdom Tower, which is set to become the world's tallest building upon completion.

Talk about an ultimate travel destination.

The Saudi government released a statement Sunday about the financing deal between Jeddah Economic Company and Saudi Arabia's Alinma Investment worth $1.2 billion. The money will be used to complete the Jeddah City complex, including Kingdom Tower.

The entire construction project will cost a total of $2.2 billion.

The Kingdom Tower is expected to reach a height of 3,280-feet tall and have over 200 floors and is scheduled to open in 2018. The current tallest building in the world is Burj Khalifa, which is only 2,716 feet tall.

The construction has already started and reached the 26th floor, and the additional funding will allow the project to move forward as planned. Chicago-based Adrian Smith and Gordon Gill Architecture designed the Kingdom Tower, and the completed building will be the home of the world’s tallest observation point, a hotel, a shopping mall and residential apartments.

Jeddah Economic Company CEO Mounib Hammoud said in the statement, “With this deal, we will reach new, as yet unheard of highs in real estate development, and will fulfill the company's objective of creating a world-class urban center that offers an advanced lifestyle, so that Jeddah may have a new iconic landmark that attracts people from all walks of society with comprehensive services and a multitude of uses.”

Unfortunately for the Kingdom Tower, there are already plans in motion for a skyscraper called the Bride Tower to be built in the Basra Province of Iraq that would be taller than the Saudi Arabian tower when completed, standing at 3,779 feet tall.

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