Billionaire Prince Alwaleed bin Talal, chairman of Kingdom Holding Co., unveiled the plan for the 3,280-foot tall structure, which is to be part of the $20 billion Kingdom City project in Jeddah. The designers are Adrian Smith and Gordon Gill, the Chicago Tribune reported Tuesday.
Construction of the building is expected to cost $1.2 billion and take about five years, Smith and Gill said.
If all goes according to plan, the building will be the tallest in the world by 568 feet. The world's current tallest building is Burj Khalifa in Dubai.
The building would be 1,500 feet taller than the Willis Tower in Chicago, formerly known as the Sears Tower, which is the tallest building in North America and was the tallest building in the world for many years.