Forget the Shard - Saudi Arabia's kilometre-tall Kingdom Tower is closer to becoming the world's tallest tower as it launches £1.4bn fund

Emma Haslett
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The Kingdom Tower will be 173m higher than the world's current tallest building (Source: Kingdom Tower Skyscraper)

The kilometre-tall Kingdom Tower in Jeddah has come a step closer to completion, after the company behind it announced the launch of a 8.4 billion Saudi riyal (£1.4bn) fund to complete the project.

Once the building is complete - which could be as early as 2017 - it will be the first building to stretch to one kilometre high. That's 173m taller than the Burj Khalifa, currently the world's tallest building.

Housing a hotel, office and homes, as well as the world's tallest observation deck, the building will be served by 56 elevators.

Coming in at a cool 4.6 billion riyal, it will be part of the wider Kingdom City economic district, a 23-hectare area including a waterfront shopping mall, two luxury hotels and homes.

The building will include the world's highest observation deck (Source: Kingdom Tower Skyscraper)

Launching the 8.4 billion riyal development fund yesterday, Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, chairman of the Kingdom Holding Company and chairman of the fund's board, said the City will be a "must-go destination for those who visit Jeddah for business, trade, entertainment, culture, medical treatment and education".

He added that it will be a "trendsetter in future real estate and urban development, all while securing the future of young Saudis with job opportunities and meeting the ever-growing demand for housing".

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