Construction on Saudi Arabia's Kingdom Tower, which will be one whopping, expense kilometer tall, is set to commence next week, according to local reports.

The Kingdom tower will measure 3,280 feet when completed, which stretches 568 feet taller than the current Guinness World Record holder for tallest man-made construction, the Burj Khalifa building in Dubai.

The building will dominate the skyline of the coastal town of Jeddah on the Red Sea. If you're afraid of heights, you'll definitely want to know the 200-story building will feature a massive 98-foot terrace jutting from the side of the 157th floor.

The Kingdom Tower won't come cheap. The cost is expected to be $1.23 billion. It will require 80,000 tons of steel and 5.7 million square feet of concrete. Here's a glimpse of how it stacks up.

Kingdom Tower is now set to be built in Saudi Arabia. It'll be the tallest building in the world by quite a bit. pic.twitter.com/Bnx4Et97Pm — Ryan Reynolds (@R__Squarred) April 19, 2014

Some people out there among the Twitterati had to be a buzzkill.

After 1974 all "world's tallest" buildings have been built in Asian non-democratic countries. Coincindence? http://t.co/GzmM8pAE22 — Lars Albinsson (@LarsAlbinsson) April 19, 2014

As we noted back in 2011, the Kingdom Tower will be build by the Bin Laden Group, which was started by Osama Bin Laden's father. At the time the project was announced, Prince Alwaleed said the tower was meant to "send a message of strength" about Saudi Arabia's economic and political stability.