The structure will be called the CMA (Capital Market Authority) Tower and will be 380 metres high. It is set to be taller than the capital’s current tallest tower, Kingdom Holding’s Kingdom Tower which is 302 metres.

The local Omrania & Associates is to design the project in a joint venture with the US architects OK.

A contract was signed with the companies at the end of September and work on the design is expected to begin next month.

The client is the Capital Market Authority, the regulator of the country’s stock market.