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Alwaleed Hires Saudi Binladin to Build World’s Tallest Tower

Saudi billionaire Prince Alwaleed bin Talal chose Saudi Binladin Group to construct a building in Jeddah that will replace Dubai’s Burj Khalifa as the world’s tallest tower.

Kingdom Tower will be more than 1,000 meters (3,281 feet) high and cost 4.6 billion riyals ($1.2 billion) to build, Alwaleed’s investing company, Kingdom Holding Co., said in a statement today. Alwaleed announced the plan to build a skyscraper with homes, offices and a hotel three years ago. The property will be completed in about five years, he told reporters in Riyadh today.