The local Saudi Binladin Group has been awarded an estimated SR4.6bn ($1.2bn) contract to build the world’s tallest tower on the outskirts of Jeddah.

The local Kingdom Holding Company signed the deal with the contractor on 2 August to build the 1 kilometre-high Kingdom Tower. MEED reported in April that Binladin was the low bidder and frontrunner to win the deal.

Dubai-based Emaar Properties is managing the development of Kingdom Tower, as well as the surrounding 23-square-kilometre Jeddah Kingdom City for the local Kingdom Holding Company.

The state-owned Kingdom Holding Company approved the plans for the tower project in early April. US-based Adrian Smith & Gordon Gill Architecture was selected to design the tower in March last year. The tower will contain hotels, offices, residential apartments and a shopping centre.

When completed, the Kingdom Tower will be almost 200 metres taller than Emaar’s 828m Burj Khalifa in Dubai (MEED 29:4:11).