Kingdom Holding Company, owned by billionaire Saudi prince Alwaleed bin Talal, has got approval to build the world’s tallest tower – Kingdom Tower – near Jeddah, Saudi Arabia.

According to The Saudi Gazette, the go ahead has been given for the mile high tower to be built by the Kingdom Holding.

According to The Gazette it would take an elevator 12 minutes to reach the top of the $30-billion tower. The tower will nearly be double the height of the 828-metre Burj Khalifa in Dubai and will include office, hotel and residential units.

The paper also said that the new tower will be located in a new city that would be specifically built around the tower in Obhur, just outside of the port city of Jeddah.

The 8.9-square-mile city will be able to accommodate 80,000 people and over a million visitors.