It is estimated to be worth $500m and will consist of two towers. One will be a mixed-use 80-floor tower, the other a 20-floor office block. The development will cover 500,000 square metres.

The schematic design of the project is already under way and the detailed design stage is due to start soon. Enabling works for the project are expected to begin in May 2008, with the main works starting in December.

The project is scheduled for completion in December 2011.

The bidding is expected to follow a two-stage tender process, with bidders submitting preliminary prices before entering into negotiations with the client prior to a final award by May.

Saudi Binladin Group and the local/Lebanese Saudi ACC have expressed an interest in the project. It will be called Dubai Towers Jeddah and will be the third development using the Dubai Towers brand, following Dubai Towers Dubai, in the Lagoons development, and Dubai Towers Doha.

It is the latest in a series of high-profile developments to take place on Jeddah's corniche, following the municipality's plans to gentrify the area.

The main construction packages for two key projects on the corniche are expected soon. The SR600m ($160m) package for the Lamar Towers will be awarded in April, and the construction contract for the 388 metre Diamond Tower, the tallest building planned for Jeddah, is due in May.