Beiruting News

Dubai, long champion of all things biggest, longest and most expensive, will soon have some competition from neighboring Saudi Arabia.

Dubai's iconic Burj Khalifa, the world's tallest building, could be stripped of its Guinness title if Saudi Arabia succeeds in its plans to construct the even larger Jeddah Tower -- a prospect looking more likely as funds for the $1.23 billion project have been secured.

A Saudi government press release on Sunday said Jeddah Economic Company and Saudi Arabia's Alinma Investment had signed a financing deal for 8.4 billion Saudi riyals (or $2.2 billion) to build Jeddah City, including the sky-piercing tower.

The project is currently built up to the 26th floor, it added. The 3,280-feet (1 kilometer) skyscraper is scheduled for completion in 2020. The Burj Khalifa, by comparison, stands at a meeker 2,716 feet, or 827 meters.

"With this deal, we will reach new, as yet unheard of highs in real estate development, and will fulfill the company's objective of creating a world-class urban center that offers an advanced lifestyle, so that Jeddah may have a new iconic landmark that attracts people from all walks of society with comprehensive services and a multitude of uses," said Mounib Hammoud, Chief Executive Officer of Jeddah Economic Company.

cnn