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.
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.