Saudi Arabia's Prince Alwaleed bin Talal's investment vehicle, Kingdom Holding, has announced that an associate company will partner with the country's Bin Laden Group to build a tower near Jeddah that would replace Dubai's 828m Burj Khalifa as the world's tallest building.
The associate company, Jeddah Economic Co, signed the SR4.6bn ($1.23bn) contract with the Bin Laden Group, a construction company, that will also own a 16.63 per cent stake in the company. Kingdom Co will hold 33.35 per cent.
| Better they spend their money on big buildings than jihadi groups... |
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