Standing at over 1,000 meters (3,280 feet), the Kingdom Tower in Saudi Arabia is set to become the world's tallest tower, beating its closest rival Burj Khalifa in Dubai by nearly 600 feet.

According to CNN, the building is expected to cost £716 million ($1.2 billion)it will be constructed in Jeddah and the building will be situated along the coast of the Red Sea.

The world’s tallest tower has finally been given a start date to begin construction. Credit: Adrian Smith + Gordon Gill Architecture

One feature will be a sky terrace on the 157th floor and when completed it will become the highest terrace in the world.

The sky terrace could become the highest terrace in the world once completed. Credit: Adrian Smith + Gordon Gill Architecture

The building will be designed by Adrian Smith + Gordon Gill Architecture and will require about 5.7 million square-feet of concrete, and 80,000 tons of steel, according to the Saudi Gazette.