Saudi Arabia plans 1 km tower

Saudi Arabia's Kingdom Holding, which is owned by billionaire Prince Alwaleed bin Talal, has announced plans to construct a 1 km tall tower as part of a US$ 26.7 billion project, according to local press reports.

The news comes just days after Dubai-based developer Nakheel said it was planning a US$ 38 billion development that would include a 1 km-plus tower in Dubai's Arabian Canal area.

In a statement Kingdom Holding said the Kingdom City and Kingdom Tower projects will "signify Kingdom Holding's contribution in placing Saudi Arabia at the forefront of the first world and reaffirming Kingdom Holding as one of the world leading real estate developers."

The projects' masterplans cover 7.1 km in the Red Sea port city of Jeddah. The 23 million m2 development includes residential, entertainment, and retail facilities alongside several hotels.

Kingdom City is expected to be home to 80000 residents.