Construction on what will be the world's tallest building has begun and a recent deal made in Saudi Arabia will ensure the tower eventually surpasses the Burj Dubai as that highest skyscraper ever built.
The Jeddah Tower, which currently stands at 26-stories, is now fully funded through a $2.2 billion deal between Jeddah Economic Company and Saudi Arabia's Alinma Investment, according to a statement released Sunday.
The deal cinches up plans for an entire commercial city on the Saudi Red Sea coast as well as for the tower which is projected to reach a staggering 3,280 feet tall -- or a full kilometer.
By comparison, the current record holder, the Burj Khalifa in neighboring Dubai, stands at 2,716 feet.
The agreement was signed at HRH Prince Alwaleed’s office at the Kingdom Holding Company in Riyadh, according to the statement.
“This agreement with Alinma is part of Jeddah Economic Company’s drive to diversify its sources of funding for Jeddah Tower and Jeddah Economic City,” said Prince Alwaleed.
“Our cooperation with the banking sector is a manifestation of just how strongly we believe in this ambitious project, which is set to become the pride and joy of every Saudi, especially those who reside in Jeddah, and will become an iconic urban center that will take the city to the next level, both regionally and globally,” he said.
The building will boast some 3.3 million square meters of commercial, residential and retail space.
The project is expected to be completed in 2020.