Riyadh – BETH

The Saudi Public Investment Fund (PIF) has begun evaluating proposals from leading global consulting firms vying for the contract to provide management consultancy services for the new Central Business District project in northern Riyadh. The development includes the construction of the colossal “Project Rise” tower, with a proposed height of two kilometers—set to become the tallest building in the world.

The project, developed by the PIF-owned “Tower Real Estate Development Company,” encompasses both the skyscraper and the surrounding commercial district. UK-based Foster + Partners will undertake the design work after winning an international competition launched in late 2022. Additionally, global architecture firm HKS has unveiled design concepts that emphasize sustainability, incorporating green spaces, pedestrian-friendly amenities, and sustainable transportation systems.

According to preliminary estimates by specialized high-rise contractors, the cost of constructing the tower could reach approximately $5 billion, with the final cost dependent on the project’s completion phases. Upon completion, “Project Rise” will stand at more than twice the height of Dubai’s Burj Khalifa (828 meters) and will surpass the under-construction Jeddah Tower (around 1,000 meters).