Kingdom Holding Company invites Emaar Properties to collaborate on world’s tallest building project (BY IFN)

Kingdom Holding Company invites Emaar Properties to collaborate on world’s tallest building project

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UAE: Prince Alwaleed, chairman of diversified investment company Kingdom Holding Company (KHC), and one of the world’s richest men, brought new meaning to the ‘mile-high club’ this week when he revealed plans to build the world’s tallest tower reaching one mile high. To facilitate the project, he has called upon Emaar Properties, the developer of the Burj Khalifa, currently the tallest building in the world, to collaborate with KHC. Various locations are currently being considered, with the prince telling Reuters: “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.” However, he did not say how much the project would cost, or how it was going to be financed. KHC is already developing the Kingdom Tower in Jeddah, Saudi Arabia, which is due for completion in 2017 and is expected to overtake the Burj Khalifa at 828 meters. According to sources, Emaar Properties was initially commissioned to develop the US$1.2 billion tower and to supervise its construction, but plans were put aside as the credit crisis affected development projects in the region. Emaar Properties’ position in the market is said to be steadily improving following the real estate bust in Dubai in 2009, with the company announcing in April that it will not write-down its investments in Shariah compliant Amlak Finance on the back of the company’s improving financials.