Saudi Arabia seals deal for $2.2 billion to build world's tallest building

RIYADH, Saudi Arabia, Nov. 30 (UPI) -- Saudi Arabia is set to build the world's tallest building after securing $2.2 billion in financing to complete the massive Jeddah City development and the 200-floor Jeddah Tower.

The tower has already been built up to the 26th floor. When completed, it will reach one kilometer into the sky and will overtake Dubai's iconic Burj Khalifa as the world's tallest building.

The tower was designed by Adrian Smith+Gordon Gill Architecture, the Chicago firm that designed Burj Khalifa. It will cost $1.2 billion to build.

Jeddah Tower, previously called the Kingdom Tower, will reach about 3,280-feet -- 173 meters higher than the Burj Khalifa -- and is scheduled to be completed in 2020.

A hotel, apartments and offices will be within the building. The tower, which will overlook the Red Sea, will have at least 56 elevators.

Constructing the tower will require 5.7 million square feet of concrete and 80,000 tons of steel.

The Jeddah Economic Company and Saudi Arabia's Alinma Investment recently signed the 2.2 billion deal, according to a statement released on Sunday.

"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," Chief Executive Officer of Jeddah Economic Company Mounib Hammoud said in the statement.