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Saudi Arabia to build world’s tallest building

The iconic Burj Khalifa, the world’s tallest building, situated in Dubai may soon be stripped of its Guinness Book of Records title, as neighbouring Saudi Arabia has secured a $1.23 million fund to build a skyscraper reaching 1 kilometre into the sky.

Jeddah Economic Company and Saudi Arabia’s Alinma Investment have signed a financing deal for 8.4 billion Saudi riyals (or $2.2 billion) to build Jeddah City, including the sky-piercing tower to be called Jeddah Tower, a Saudi government press release revealed.

According to the press release, the project is currently built up to the 26th floor. The 3,280-feet (1 kilometer) skyscraper is scheduled for completion in 2020.

“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,” said Mounib Hammoud, Chief Executive Officer of Jeddah Economic.

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