Bidding has been opened for the construction of the Rise Tower, which would be the tallest building in the world if completed.

The tower, in Saudi Arabia, would be the first to reach 2 kilometers (1.2 miles), or 6,562 feet, in height—more than four times as tall as the Empire State Building and overtaking both the Burj Khalifa and the upcoming Jeddah Tower, which is also under construction in the country.

The Context

Saudi Arabia's Public Investment Fund, which opened the bidding, is designed to shift the country's economy away from dependence on oil exports to new growth in tourism, often through pouring capital into megaprojects, such as the linear city of Neom.

Rise Tower would be another of these projects, designed to be part of Vision 2030—the deadline that Crown Prince Mohammed bin Salman has set for many of the projects in Saudi Arabia.

What To Know

The Rise Tower will be based in North Riyadh, in a new district called the North Pole.

It will be more than twice the height of the current tallest building in the world, the 2,717-feet Burj Khalifa in Dubai and even Saudi Arabia's Jeddah Tower, which will rise to 3,281 feet when completed and was set to take the record.

The skyscraper will also equal around four-and-a-half Empire State Buildings, at 1,250-feet tall, stacked up.

The Public Investment Fund recently opened up calls for bids to oversee the construction of the North Pole district, including Rise Tower, which was designed by U.K.-based studio Foster & Partners.

Newsweek contacted the Public Investment Fund and Foster & Partners via email for more information on the skyscraper's design.The reported cost of the Rise Tower development is estimated at $5 billion, but the costs of projects this large and complex can vary wildly and that number will likely change in the future.For comparison, the Burj Khalifa cost roughly $1.5 billion to build, while the Jeddah Tower has an estimated price tag of $26 billion.

What People Are Saying

In a statement seen by Newsweek, Mohammed Al Qahtani, the CEO of Saudi Arabia Holding Co., said: "The project is poised to usher in a remarkable transformation, redefining the region's economic and social landscape. Anticipated to generate new job opportunities, attract foreign investments, and elevate living standards, this visionary project aims to elevate Riyadh's global standing as a modern metropolis."

What Happens Next

No timeline for the tower's completion has been outlined yet, as there is not yet a construction consortium for it. However, all Vision 2030 projects have the same provisional deadline for the end of the decade. (NewsWeek)