Saudi Kingdom Holding plans to spend SR55 billion on ($14.67 billion) a property project that will include a mile-long tower, which will be the world's tallest, a local newspaper reported on Saturday.

The mixed-use project will cover a 494-acre area in Jeddah, which is located on the Red Sea coast, Al-Madina newspaper reported without citing a source. The firm is controlled by Saudi billionaire Prince Alwaleed.

The so-called Mile Tower will be designed by Picard Chilton, and Booz Allen Hamilton was appointed as general adviser for the project, it added.-Reuters