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Kingdom Holding Co signs in pact with Saudi Binladen Group to build tower
3 August 2011: Kingdom Holding Co signed a 4.6 billion riyal ($1.2 billion) deal with the Saudi Binladen Group to build the world's tallest tower.
The more than 3,280 foot (1,000 mtrs) high Kingdom Tower, to be built north of the Red Sea city of Jiddah, is part of the first phase of the planned Kingdom City. The Tower will include a hotel, serviced apartments, luxury condominiums and offices occupying roughly 5.4 million sq ft.
The mega project, announced in 2008, is slated to cover a two-square mile area. In June 2009, KHC signed a deal with Dubai-based Emaar Properties to develop and oversee the construction of Kingdom City and Kingdom Tower.
Source: Economic Times