By DAILY MAIL REPORTER
Incredible: How the world's tallest tower, to be built in the Red Sea city of Jeddah, will look
The world's biggest tower is to be built for $1.2billion in Saudi Arabia by the Bin Ladens.
Prince Alwaleed bin Talal said he had signed a deal to build the 3,280ft high Kingdom Tower north of the Red Sea city of Jeddah.
The sprawling mega project, first announced in 2008, will cover two square miles at its base. It will stand a kilometre high and is the first in a sprawling mega project for a plan called 'Kingdom City'.
Prince Talal said the construction would be built by the Binladen group
It will include a hotel, serviced apartments, luxury flats, and offices occupying around 852 square miles.
Originally, the intention was to build the tower a mile high - a feat that would mean a 12-minute journey in a lift to get to the top - but there were fears that the soil would not support its foundations.
A model of the world's tallest tower stands next to Prince Alwaleed bin Talal as he speaks at a meeting
The One World Trade Center tower being built in New York on the site of the twin towers destroyed on September 11, 2001, will measure 1,776 feet with its antenna spire. It is due for completion in 2013.
Dubai developer Nakheel had planned to build a tower more than 0.6 mile high in the city-state, but shelved those plans in early 2009 as the global economic crisis soured demand for real estate in the emirate.
The Kingdom Tower deal was signed between Jeddah Economic Co., a KHC affiliate, and the Binladen Group, a construction giant. Binladen will hold 16.6 percent stake in JEC.
Eclipsed: The new Kingdom Tower will be taller than the Burj Khalifa in neighbouring Dubai (left) and also New York's Freedom Tower (right)