A rendering of the Kingdom Tower planned for construction in Jeddah, Saudi Arabia. Adrian Smith and Gordon Gill

Construction for the world's tallest skyscraper is set to start next week in Saudi Arabia, according to local media.

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 Saudi Gazette reported.

The finished structure will reportedly be 200 floors high and requires around 5.7 million square feet of concrete and 80,000 tonnes of steel to build, at a cost of roughly $1.23 billion.