Saudi Arabia is preparing to build the world’s tallest building in Jeddah. According to an official statement made by the government, the Jeddah City project, which includes business centers and the world’s tallest building the Jeddah Tower will cost 2.2 billion dollars.

Jeddah Economic Company and Saudi Arabia’s Alinma Investment had signed a financing deal for 8.4 billion Saudi riyals (or $2.2 billion) to build Jeddah City, including the sky-piercing tower.

The project is currently built up to the 26th floor, it added. The 3,280-feet (1 kilometer) skyscraper is scheduled for completion in 2020. The Burj Khalifa, by comparison, stands at a meeker 2,716 feet, or 827 meters.

“With this deal, we will reach new, as yet unheard of highs in real estate development, and will fulfill the company’s objective of creating a world-class urban center that offers an advanced lifestyle, so that Jeddah may have a new iconic landmark that attracts people from all walks of society with comprehensive services and a multitude of uses,” said Mounib Hammoud, Chief Executive Officer of Jeddah Economic Company.

Previously dubbed Kingdom Tower, the building will boast 200 floors and overlook the Red Sea. Constructing it will require about 5.7 million square feet of concrete and 80,000 tons of steel. Building a structure that tall, particularly on the coast, where saltwater could potentially damage it, is no easy feat. The foundations, which will be 200 feet (60 meters) deep, need to be able to withstand the saltwater of the nearby ocean. As a result, Advanced Construction Technology Services will test the strength of different concretes.

Wind load is another issue for buildings of this magnitude. To counter this challenge, the tower will change shape regularly.