Having long been known as the tallest tower in the world, Dubai is facing a big competition from Saudi Arabia, which is expected to get the title.
CNN reported that Saudi Arabia's Jeddah Tower is about to knock the famous Burj Khalifa off its throne as the tallest building in the world.
The report added that a press release issued by the Saudi government confirmed that Jeddah Economic Company and Saudi Arabia's Alinma Investment signed a financing agreement worth 8.4 billion Saudi riyals ($ 2.2 billion) for the construction of the city of Jeddah, including the sky-piercing tower.
The Saudi skyscraper, which will be 3280 feet (1 km) in length, is schedualed for completion by 2020.
“With this deal, we will reach new heights of unprecedented real estate development," said Munib Hamoud, CEO of Jeddah Economic Company. "This project will achieve the company's goal of creating a world-class urban center that offers a style A life, so that Jeddah may be a global landmark that attracts people from all over the world. "
the building will boast 200 floors and overlook the Red Sea. Construction will require about 5.7 million square feet of concrete and 80,000 tons of steel.