International lenders did not disclose specificities, but said it was part of global cost-cutting plansNovember 26, 2015 11:32
What’s with tallest towers and Emaar?
The developer is going to build the world’s tallest tower in Saudi.
June 14, 2009 12:58 by Aarti Nagraj
Saudi-based Kingdom Holding, which is owned by billionaire Prince Alwaleed Bin Talal, recently announced that it appointed Dubai-based Emaar Properties as lead developer of its $26.7 billion project, the Jeddah Kingdom City land and Kingdom Tower. The project, located in Jeddah, will feature the world’s tallest tower.
Emaar was selected for its previous proven experience in the development of mega projects, [its] knowledge of the area and social setup,” said a statement by Kingdom Holding.
Kipp thinks something is amiss. Here’s why:
Emaar’s Burj Dubai, currently the world’s tallest tower, is still not ready, and some reports suggest it won’t be completed before its scheduled launch later this year.
The financial crisis has not yet bid farewell to the world, and has already cost Bin Talal and his company a lot of money. This new project costs close to $27 billion.
Is a one kilometer high tower even feasible?