Prince Alwaleed aiming to build mile-high skyscraper with Emaar
Saudi billionaire behind Kingdom Tower aims to build skyscraper in one of the world’s largest cities
Prince Alwaleed says he plans to build a mile-high skyscraper in one of the world’s largest cities.
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Saudi Arabian billionaire Prince Alwaleed bin Talal has invited Emmar Properties, Dubai’s biggest real estate developer, to team up with his investment firm, Kingdom Holding Properties, to build the world’s first mile-high skyscraper.
The Prince said that he was looking at the world’s largest cities, including Shanghai, Moscow, London and New York, as possible destinations for his proposed skyscraper, which would easily become the world’s tallest building if completed.
“Right now we are discussing and evaluating the possibility of building a one-mile (1.6-kilometre) tower,” Alwaleed told Reuters during a telephone interview.
“We also need good partners. I invite Emaar and Mr Mohammad Alabbar (chairman of Emaar) to join forces with us and see how we can build the ultimate one-mile tower somewhere in the world.”
He did not specify how the project would be financed if it went ahead, or when it might be completed. He added that the estimated cost of the mega-project had yet to be decided.
In August 2011, Alwaleed’s Kingdom Holdings announced the construction of the Kingdom Tower, a kilometre high tower that will supersede Emaar Properties’ 829.8m high Burj Khalifa, as the world’s tallest building.
“I am now inviting the major cities of the world like Shanghai, Moscow, New York, London and regional cities in the Middle East to come and give their offers,” Alwaleed added.
He said countries interested in hosting the world’s tallest tower would have to offer attractive financing terms, tax breaks and other government support.
Alabbar could not immediately be reached for comment. Over the past year, Emaar has committed itself to several other huge projects in Dubai and nearby countries.
Industry experts have said building a one-mile skyscraper would involve technical and design challenges, such as how to supply water economically at that height, but would not be impossible.
If it is built, the mile-high tower would surpass the world’s current tallest skyscraper, the 829 metre Burj Khalifa in Dubai, as well as the one-kilometre-high Kingdom Tower now being built by Kingdom Holding in the Saudi Arabian city of Jeddah.
The Kingdom Tower is expected to cost around $1.2 billion and will form part of a hotel, retail and luxury residential project.
The structure is expected to reach ground level by the end of this year and to be completed in 2017, said Talal Al Maiman, executive director at Kingdom Holding.
About 30% of useable land in the overall project, which will have an area of about 5.3 million square meters will be allocated to hotels. The remainder will be divided equally between retail and premium residential space, Al Maiman added.
