Construction of the Kingdom Tower in the Red Sea port city of Jeddah is proceeding and will comprise 275 floors, making it twice as high as the current tallest building, the Burj Khalifa in Dubai.
CORRECTIONS - There was some confusion from the recent articles about the cost and internal area of the building. Here is some wikipedia information which is consistent with past sources.
The US$17 billion project, the centerpiece of a planned community near the coast, is being proposed by Al-Waleed bin Talal’s Riyadh-based Kingdom Holding Company. The city to be constructed around the Mile-High Tower will extend over an area of 23 million square metres (total investment US$26.6 billion). The city will have the capacity to accommodate 80,000 people in addition to shopping and entertainment facilities
It will take a staggering 12 minutes to reach the top of the building in the elevator. The building should have 38 million square feet on 275 floors. It should have 12 times more are than Number One Canada Water in London's Canary Wharf.
It is being financed by the Saudi Royal Family-owned Kingdom Holding Company - which is the nation's largest company. The project was officially approved last month
Mile High tower gets go ahead Feb, 2011
Burj Al Meel design contract awarded in October 2009
Billionaire Prince Alwaleed Bin Talal Alsaud moves forward with plans to build the world's tallest building, the biggest challenge facing the Saudi billionaire appears to be keeping people from feeling seasick a mile up in the sky.
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