Saudi Arabia is building a tower taller than Burj Khalifa!

Jeddah Economic Co., co-founded by billionaire Prince Alwaleed Bin Talal’s Kingdom Holding Co., is forming an 8.4 billion-riyal ($2.2 billion) real estate development fund with Saudi Arabia’s Alinma Bank.

The 170-storey building in Jeddah will rise to a height of more than one kilometre, surpassing Dubai’s Burj Khalifa. It will cost $1.2 billion to build. 4 billion deal to build the tower, news agency CNN reports.

Now that the funding has been secured, the construction of the tower is expected to proceed in full swing.

In July, Bin Talal the grandson of King Abdul-Aziz Alsaud, the founder and first ruler of Saudi Arabia, made headlines when he announced he would give his $32 billionfortune to charity when he died. “Jeddah Tower and Jeddah Economic City are pioneering projects that will transform their namesake city, and we are happy to be cooperating with Jeddah Economic Company and contributing to the building of this great project”. If such a pace was steadily maintained, the Jeddah Tower would have 90 floors now.

Now that the agreement has been signed and required funds secured, Hammoud expects the project to be finished on schedule.

Previously dubbed Kingdom Tower, the structure will overlook the Red Sea. Possibly, engineers could use similar methods to those employed when building the Burj Khalifa; 6 million cubic feet of concrete was pushed through a single pump, usually at night when temperatures were low enough to ensure that it would set.

The 3,280-feet skyscraper is scheduled to open in 2018 and building of the tower has already reached the 26 floor.

The prospect of the world having a new tallest building has taken a step closer.

The tower was designed by Adrian Smith+Gordon Gill Architecture, the Chicago firm that designed Burj Khalifa. Additionally, the tower will have ample apartments, offices, commercial, and retail spaces as well.