Dubai to lose world’s tallest tower record

[SWATIAN]

DUBAI, Aug 2 (Reuters) - Kingdom Holding , owned by Saudi billionaire Prince Alwaleed bin Talal, said on Tuesday an associate firm signed a contract worth 4.6 billion riyals ($1.23 billion) with Bin Laden Group to build the world's tallest tower in Jeddah.

The proposed tower will stretch a kilometre high and include a hotel, serviced apartments, luxury condominiums and offices, Kingdom said in a statement.

If completed, the tower will replace Dubai's Burj Khalifa, standing 828 metres tall, as the tallest tower in the world. The Burj Khalifa was built by Emaar Properties for a total cost of $1.5 billion.

The tower is part of the first phase of Kingdom City, which is being built north of the Red Sea port city.

Kingdom said the associate firm, Jeddah Economic Co., will be 16.63 percent-owned by the Bin Laden Group while Kingdom will hold a 33.35 percent stake in the venture.

Abrar International Holding Co. will also have a 33.35 percent stake while businessman Abdurrahman Sharbatly will own 16.67 percent.

Last month, Kingdom reported a 21-percent rise in second-quarter net profit helped by higher income from its investments.



Source:Saudi royal in contract to build world's tallest tower

[کیش]

Stupid Saudi's don't they read the Hadith of the Prophet (PBUH), he said near the end of days, fools will compete to construct large towers.

[Haris]

I don't think the Royal families are too concerned with hadith. Too busy partying with prostitutes, drugs and alcohol.

WikiLeaks cables: Saudi princes throw parties boasting drink, drugs and sex | World news | The Guardian

[Karachi]

Stupid Saudi's don't they read the Hadith of the Prophet (PBUH), he said near the end of days, fools will compete to construct large towers.

not really and trust me, they are very arrogant about it too. A lot of saudis do not like Islam actually, i am talking about richer ones, because Islam puts a lot of restrictions to their luxury/sinful lifestyle.

[graveyardofempires]

Hajj money

[retro]

not really and trust me, they are very arrogant about it too. A lot of saudis do not like Islam actually, i am talking about richer ones, because Islam puts a lot of restrictions to their luxury/sinful lifestyle.

Islam is just for the little people and emasculated, Asian slaves.

[Manzareh]

why not put 1.5billion into cancer research instead? ok you have the worlds tallest tower WOW big deal, now lets all clap for 5 secounds and get alond with our normal lives. what a waste

[Master Khan]

These Rich Arabs don't care about poor people, all they care about is having fun partying with girls etc.
they blow money on stupid and useless things

[Laila]

I dont get it, are these things really necessary?

[Gulbabo]

r they nuts? whats the point? the whole desert is there for them to expand their cities and villages, whats the need of these high rises. whyyyyy? why????...whats the obsession. i don't get it.

[Haris]

Well the country's wealth is all from oil.

These stupid buildings are a huge boost to the tourism industry which can be very lucrative. That's why you have Dubai being so modern with 1000s of hotels. People are choosing it as a tourist destination.

Once the oil runs out they needs something to keep the economy going. It might seem like a huge waste now but who knows, in 50+ years time it may be a worthwhile investment.

[graveyardofempires]

r they nuts? whats the point? the whole desert is there for them to expand their cities and villages, whats the need of these high rises. whyyyyy? why????...whats the obsession. i don't get it.

you dont get it?

they do it to rebel against Allah.

[graveyardofempires]

Well the country's wealth is all from oil.

These stupid buildings are a huge boost to the tourism industry which can be very lucrative. That's why you have Dubai being so modern with 1000s of hotels. People are choosing it as a tourist destination.

Once the oil runs out they needs something to keep the economy going. It might seem like a huge waste now but who knows, in 50+ years time it may be a worthwhile investment.

do you know how much money they earn from the pilgrims to Hajj?
these people have become what they were before Islam.

Poor muslims come to do their hajj while these kafirs are blowing the money up on cocain and champagne.

[Gulbabo]

you dont get it?

they do it to rebel against Allah.

i was trying to find an intellctual connection, rather than a spiritual one.

it is pretty clear that they are not very spritual people, so i was trying to see intellectually, what is driving them to do this.

[Gulbabo]

Well the country's wealth is all from oil.

These stupid buildings are a huge boost to the tourism industry which can be very lucrative. That's why you have Dubai being so modern with 1000s of hotels. People are choosing it as a tourist destination.

Once the oil runs out they needs something to keep the economy going. It might seem like a huge waste now but who knows, in 50+ years time it may be a worthwhile investment.

yeah i am sure they are looking at alternatives to oil money. I am not so convinced they are doing this the right way.