Saudi Arabia Secures Funding for World’s Tallest Tower

Saudi Arabia is on track to build the world’s tallest tower.

Jeddah Economic Company and Saudi Arabia’s Alinma Investment have agreed on a $1.2 billion financing deal to complete the first skyscraper to ever exceed 1 km, the Saudi government said Sunday.

The roughly 3,280-foot Jeddah Tower, also known as the Kingdom Tower, will have 200 floors and 59 elevators overlooking the Rea Sea when it opens in 2020, CNN reported.

The skyscraper is part of the first phase of a massive project financed by the Saudi billionaire Prince Alwaleed bin Talal. The first 26 floors have already been built, officials said.

The Jeddah Economic City project also includes creating a new suburb of the city that officials hope will become a tourist destination. Its financial planning took over two years.

Dubai’s Burj Khalifa building is currently the world’s tallest building at about 830 meters.