In a recent news release, the Saudi government announced a financing deal with Jeddah Economic Company and Alinma Investment to build Jeddah city, including Jeddah Tower, a 3,280-ft. skyscraper expected to be complete in 2020, for $2.2 billion.

A new planned tower in Saudi Arabia will soon capture the title of the world's tallest building.

In a recent news release, the Saudi government announced a financing deal with Jeddah Economic Company and Alinma Investment to build Jeddah city, including Jeddah Tower, a 3,280-ft. skyscraper expected to be complete in 2020, for $2.2 billion, CNN reported.

The Jeddah Tower will rise 564 ft. above Dubai's Burj Khalifa, which is currently the tallest building in the world.

Some specs:

"With this deal, we will reach new, as yet unheard of highs in real estate development, and will fulfill the company's objective of creating a world-class urban center that offers an advanced lifestyle, so that Jeddah may have a new iconic landmark that attracts people from all walks of society with comprehensive services and a multitude of uses," said Mounib Hammoud, CEO of Jeddah Economic Company.

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