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RIYADH, Saudi Arabia — Saudi Arabia unveiled plans Tuesday to build the world's tallest tower — a mixed-use structure that will rise two-thirds of a mile high — in the Red Sea port city of Jeddah.
Saudi billionaire Prince Alwaleed bin Talal signed a $1.23 billion contract with Bin Laden Group for the proposed tower, which will take just over five years to complete. The building is the centerpiece of the planned Kingdom City development being built outside Jeddah by Prince Alwaleed's Kingdom Holding.