(Image source: Adrian Smith & Gordon Gill Architecture / Popular Science)
BY STEVEN SPARKMAN
You're watching multisource business news analysis from Newsy.
Saudi prince Alwaleed bin Talal says he’s going build a record-breaking building in Saudi Arabia -- and he’s going to do it in just five years. NPR has the story.
“Kingdom Holding Company plans to finish the world’s tallest building in Jeddah, Saudi Arabia. It would dwarf the Empire State Building at 1500 ft and the current record holder 2700 ft over Dubai. This building would climb more than 3200 ft, although the developer did not say when construction is supposed to start.” (Image source: Adrian Smith & Gordon Gill Architecture / Popular Science)
The tower is planned to hold office spaces, luxury condos, a Four Seasons hotel and the world’s highest observation deck. The size of the proposed building -- dubbed Kingdom Tower -- is tough to imagine. We’ll let a blogger for WBEZ put it into context.
“If it gets built, the tower is one of staggering proportions. How tall is a 3280 ft building? You could stack the Trump Tower on Willis Tower and still come up almost 400 ft short. It's taller than three of NYC's Chrysler Buildings put together. It is five Chicago blocks, end to end.”
Arabian Business reports -- not only will Kingdom Tower easily overshoot the current record holder -- it’ll cost less.
“The building that plans to steal the title of world’s tallest tower will cost $1.2bn to build, the company said in a statement, a significant drop from the Burj Khalifa’s $1.5bn price tag.”
That $1.2 billion contract is going to Saudi’s own Bin Laden Group -- a construction company founded by Osama bin Laden’s father. That news is likely to raise some eyebrows in the west, but a writer for the Boston Globe reminds everyone -- don’t judge the entire family by the bad apple.
“In reality, there’s nothing amiss about this new project. The bin Ladens run a very successful corporation; the Saudis ... are billionaire businessmen who still believe in the motto that the boy who dies with the most toys (or the highest buildings) wins.”
Bin Talal says the tower is a demonstration of strength, vision, and the power of the Saudi economy. But a writer for Forbes says -- maybe there are better uses for those resources.
“...with the Saudi literacy rate at 85% ... and the unemployment rate for men and women aged 20-24 at 43%, perhaps the Saudi Royal Family might consider investing less in showy steel towers and more in Ivory Towers.”
Follow @Newsy_Videos on Twitter
Get more multisource video news analysis from Newsy.
Transcript by Newsy
 |  |  |  |
