Saudi Prince Alwaleed bin Talal plans to make the world’s tallest tower in Jeddah, Saudi Arabia, with the help of Chicago architecture firm Adrian Smith + Gordon Gill.

The proposed tower will cost around $1.23 billion to construct and includes a hotel, serviced apartments, luxury condominiums, offices and the world’s highest observatory. It will rise more than 1,000 meters replacing Dubai’s 828-meter Burj Khalifa building, which once stood as the tallest building.

“Our vision for Kingdom Tower is one that represents the new spirit of Saudi Arabia,” Smith said. “This tower symbolizes the Kingdom as an important global business and cultural leader, and demonstrates the strength and creative vision of its people. It represents new growth and high-performance technology fused into one powerful iconic form.”

As Saudi Arabia is undergoing multi-billion dollar improvement projects, this Kingdom Tower in Jeddah will be the centerpiece of the planned Kingdom city development.

Jeddah is the second largest city in Saudi Arabia and has nearly four million residents. However, it is reportedly a neglected city, with damage to 90 percent of its roads and buildings from flash floods earlier this year.

“This will be a transformational project in Jeddah. It will be a source of pride for Saudi Arabia. Jeddah is in great need for it now,” Alwaleed said.

As stated on their website, “Adrian Smith + Gordon Gill also designed the master plan for the 23-hectare Kingdom Tower Waterfront District, which surrounds the tower and which will include residential and commercial buildings, a shopping mall, high-quality outdoor spaces and other amenities. The Waterfront District provides a cohesive and pedestrian-friendly setting for Kingdom Tower while creating a pleasant neighborhood experience along the Kingdom City lakefront.”

The Kingdom Tower and creation of the Kingdom city project is estimated to cost $20 billion and should take 10 years to complete.