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THE KINGDOM TOWER IS EXPECTED TO BE AT LEAST ONE KILO- METRE HIGH, MAKING IT TALLER THAN DUBAI’S BURJ KHALIFA
FUELLING GROWTH For Saudi Arabia, growth is a priority and the next two years are likely to see the completion of some of the most exciting building projects ever made. Perhaps the country’s most high- profile project is Kingdom Holding’s plan to erect the world’s tallest building in Jeddah. The Kingdom Tower is expected to be at least one kilometre high, making it more than 180 metres taller than Dubai’s Burj Khalifa. Yet the building is only the first phase of
the SAR100 billion (US$26.7 billion) Kingdom City project located along the Red Sea north of Jeddah. This ambitious development, to be completed over the next ten years, will be home to 80,000 people and will cater for up to a quarter of a million visitors. Another major city development is
production to accommodate global demand, prompting the country to earn an esti- mated SAR3.75 billion (US$1 billion) a day. The country is also working to find ways to
allow its rich culture and traditions to func- tion with its oil business and, where possible, to integrate with increased investment by international companies and the influx of workers from around the world. New laws allowing foreign investors to buy land, as well as build its own homes, will draw the kingdom even more closely into the business world.
the Knowledge Economic City (KEC) in Al Madinah, which will cost SAR26 billion (US$7 billion) to complete. It has been granted a special economic status by the Saudi Arabian General Investment Authority (SAGIA) with a mandate to encourage foreign investment in knowledge-based industrial development in the country. Another first for the country, currently in
the pipeline, is a water-front gated resi- dential community of 2,000 villas called Al-Khobar Lakes (AKL), which is a series of
nine villages aimed at local buyers from Saudi Arabia and other GCC nations. It has 80,000 square metres of water features and all the associated leisure and shopping facilities, but what makes the development unique is that it is the first gated development to offer private villas for sale. AKL is 40 kilome- tres from King Fahd International Airport, 25 kilometres from Bahrain Causeway and just 12 kilometres east of Al Khobar. The first homes were sold in 2011 and the developer, Emaar Middle East, expects the final homes to be built and sold in 2014. Another development setting new stan-
dards and building on Saudi’s development experience is Jeddah Gate, a SAR2.6 billion (US$700 million) project comprising 5,000 homes on the 464.5-square-metre old Jeddah airport site. In December 2012, HE Dr Hani Abu Ras, Mayor of Jeddah, officially handed over the first homes at Abraj Al Hilal 1 at Jeddah Gate during an official visit where he also broke the ground to start the next phase – a cluster of three residential towers of 17 to 21 floors, with 326 apartments.
1 & 2 Kingdom Tower, Jeddah 3 Knowledge Economic City, Al Madinah
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