Kingdom Holding Company, controlled by Saudi billionaire Prince Alwaleed bin Talal, plans to invite bids before July for contracts to build the world's tallest tower in Saudi Arabia, a weekly magazine said.

The Mile High tower, which could reach 1,600 metres in height, is to be built in the Red Sea port city of Jeddah and may cost up to $10 billion, the London-based Middle
East Economic Digest (Meed) said in its latest issue, citing a source close to the project.

Dubai's Emaar Properties, the largest Arab developer by market value, is currently building the Burj Dubai, part of a $20 billion project in the emirate, which it says will be the world's tallest building.

The Mile High tower could be twice as tall as the Burj Dubai, Meed said.-Reuters