The Saudi Public Investment Fund (PIF) has started evaluating several proposals from global consulting firms, aiming to select the most suitable firm to provide management consultancy services for a new central business district project located on the outskirts of Riyadh. This project is part of Saudi Arabia’s real estate investment strategy and includes the development of a mega tower with a proposed height of 2 km, making it a top candidate for the tallest building in the world. The selected company will oversee the execution of the tower and its surrounding commercial zone. The project is led by the “Tower Area Development Company,” a subsidiary of the Saudi Investment Fund. This falls within the Fund’s broader expansion into the Saudi real estate sector, aligned with the vision of transforming the capital into a regional business hub.

The project team has invited several international consultancy firms to submit their proposals and compete for the contract. These include American firms such as AECOM, Jacobs, Parsons, and Turner, as well as the UK-based firm Mace. The architectural design of the project has already been awarded to the British firm Foster + Partners, which won first place in a global design competition held in late 2022 for the best concept of the tower and surrounding area. The proposed skyscraper is expected to revolutionize the world of high-rise construction, with a height exceeding twice that of Dubai’s Burj Khalifa (currently the world’s tallest at 828 meters), and surpassing the under-construction tower in Jeddah, which is anticipated to exceed 1,000 meters.

According to experts specializing in skyscraper construction, building a tower of this magnitude could initially cost around $5 billion, though the final figure will depend on detailed planning and execution complexities.

The project, named “Project Rise”, is part of a major development plan in northern Riyadh within a district known as “North Pole”, envisioned as a futuristic urban center.

This initiative aims to establish a modern business and commercial district that will elevate the status of Riyadh as a global investment hub and attract major corporations and economic entities.

Source:

“At 2 kilometers high.. Saudi Arabia begins evaluating proposals for the world’s tallest skyscraper,” Al Arabiya, June 10, 2025