World's tallest tower to go up in Saudi in 5 years

By the Associated Press | August 7, 2011 | 1:14 PM EDT

With World's tallest tower, Burj Khalifa in the background, Muslim's break their fast at a mosque in Dubai, United Arab Emirates, Sunday Aug. 7, 2011. Mohammed al-Qubaisi, Dubai's top Muslim cleric, said Sunday that Burj Khalifa residents living above the 80th floor should wait two additional minutes to break their dawn-to-dusk fast while those above the 150th floor must wait three extra minutes because they will be able to see the sun longer than those on the ground. (AP Photo/Kamran Jebreili)

RIYADH, Saudi Arabia (AP) — The investment company headed by Saudi billionaire Prince Alwaleed bin Talal says it plans to complete the world's tallest tower in just over five years time.

The Kingdom Holding Co. did not say Sunday when work would begin on the Kingdom Tower.

The $1.2 billion tower will be roughly two-thirds of a mile (1 kilometer) high. It is part of a $20 billion mega project on the outskirts of the Red Sea city of Jiddah.

The tower will be built by the Saudi Binladen Group construction conglomerate. It will cost $400 million and feature a Four Seasons hotel, luxury condominiums and offices that encompass around 5.4 million square feet.

Currently, Burj Khalifa in Dubai is the world's tallest tower at 2,717 feet (828 meters).