Saudi prince eyes world's big cities for mile-high tower

Tue Jun 18, 2013 3:01am EDT
 
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By Mirna Sleiman

DUBAI (Reuters) - Saudi billionaire Prince Alwaleed bin Talal says he is looking at the world's largest cities, including Shanghai, Moscow, London and New York, as possible locations to build a mile-high skyscraper that would be the world's tallest building by far.

The prince is inviting Dubai's biggest real estate developer Emaar Properties, chaired by Mohammed Alabbar, to team up with his investment firm Kingdom Holding on the project.

"Right now we are discussing and evaluating the possibility of building a one-mile (1.6-kilometer) tower," Alwaleed told Reuters by telephone late on Monday.

"We also need good partners. I invite Emaar and Mr. Alabbar to join forces with us and see how we can build the ultimate one-mile tower somewhere in the world."

Alwaleed did not say how the project would be financed if it went ahead, or when it might be completed. He said the cost had yet to be decided.

But his ambition reflects the growing confidence of many Gulf companies as they expand overseas, aided by booming economies and rising asset prices in their home countries.

"I am now inviting the major cities of the world like Shanghai, Moscow, New York, London and regional cities in the Middle East to come and give their offers," Alwaleed said.

He said countries interested in hosting the world's tallest tower would have to offer attractive financing terms, tax breaks and other government support.   Continued...

 
Saudi Prince Alwaleed bin Talal speaks during an interview with Reuters at his offices in Kingdom Tower in Riyadh, May 6, 2013. REUTERS/Faisal Al Nasser