Saudi Arabia might be trying to outdo every other country with its massive Kingdom Tower.

The new tallest building in the world will stand one kilometer high and is expected to cost a whopping $1.23 billion. According to the Saudi Gazette, the tower will require 5.7 million square feet of concrete, 80,000 tons of steel, and it will stunt Dubai's Burj Khalifa by nearly 600 feet.

The building, if it can even be called a building, will stand in the city of Jeddah along the coast of the Red Sea. To top it all off, a 98-foot terrace can be expected on the 157th floor.

Construction is set to begin as early as next week.

Below, more artistic renderings of the Kingdom Tower.

Source: Adrian Smith+Gordon Gill Architecture / dapd

Source: Adrian Smith+Gordon Gill Architecture / dapd

Source: Adrian Smith+Gordon Gill Architecture / dapd