Saudi Prince Al-Waleed bin Talal says he will build the world's tallest building in the Saudi city of Jeddah.
Sunday's statement by his firm, Kingdom Holding Company, says the building will be more than a kilometer (3,281 feet) high and will be part of a larger project that will cost US$ 26.7 billion).
The project, called Kingdom City, will span 23 million square meters (248 million square feet) and will include luxury homes, hotels and offices.
Al-Waleed is a billionaire businessman and member of the royal family.
The booming city of Dubai in the United Arab Emirates has also said it will build a building over a kilometer high.