In Saudi Arabia, there is the tallest building in the world

Riyadh - The investment firm of Saudi prince Alwaleed bin Talal, Kingdom Holding Co. (KHC), has signed an agreement with the Saudi Binladen Group to build the tallest building in the world for 4.6 billion riyals (20.8 billion CZK). The Kingdom Tower, rising at least 1,000 meters, will be located in the city of Jeddah by the Red Sea and is part of the planned Kingdom City center.
    The Kingdom City project was announced in 2008. The construction of the skyscraper is expected to take five years and will include a luxury hotel, apartments, luxury flats, and offices, according to reports from AP and Reuters. The height of the building is expected to exceed one kilometer, but the company is keeping the exact figures confidential.
    The project is one of several ambitious megaprojects in the kingdom as the country seeks to diversify its activities beyond oil. Saudi Arabia is the largest oil exporter within the OPEC oil cartel.
    KHC signed an agreement in June 2009 with the Dubai company Emaar Properties for the development and oversight of the Kingdom City and Kingdom Tower construction. Emaar is partially owned by the government of the Emirate of Dubai and is the developer of the current tallest building in the world, Burj Khalifa. That building measures 828 meters and is also the tallest freestanding structure in the world.
    Prince Alwaleed bin Talal belongs to the Saudi ruling family and is one of the richest people in the world. Jeddah is the second largest city in the country, with around four million inhabitants.