The third board meeting of the Kingdom Tower project, slated to become the world’s tallest building at over 1 km when it is completed in 2017 has formalized the award of the $40.8m (SR: 153m) contract for piling works at the site to the Saudi Bauer Foundation Contractors, which was announced last month.
The company had earlier worked on the piling on the Burj Khalifa in Dubai, currently the tallest building in the world at 828m.
Saudi Bauer has been selected for the piling work by main contractor Saudi BinLaden Group, which has also invested $400m in the project and holds a 16.6% stake in the entity which is developing the scheme, Jeddah Economic Company. Other partners include Saudi Arabia’s Prince Alwaleed’s Kingdom Holding Company with a 33.35% stake, Abraar International Holding Co also with a 33.35% and Jeddah-based businessman Abdulrahman Hassan Sharbatly who holds the remaining 16.67%.
The project was granted a license for the Tower in February 2012 and is scheduled to be completed by 2017. The estimated cost is $1.2bn, and it will be the first part of a wider Kingdom City scheme that is projected to cost $2bn.
Kingdom City Jeddah will be built on a 5.3mn sq m plot on the north of Jeddah overlooking the Red Sea.
Kingdom Tower been designed by Chicago-based architecture firm Adrian Smith + Gordon Gill Architecture (AS+GG). The design team also includes building services engineering consultants, Environmental Systems Design and structural engineer Thornton Tomasetti.
It will be a mixed-use building having a Four Seasons hotel and Four Seasons serviced apartments, besides office space, luxury apartments and an observatory level that will be higher than the world’s current highest observation deck.
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