Kuwait building the tallest building in the world at 1001 meters
Kuwait is building the world's tallest tower at 1,001 meters in Madinat al Hareer, also known as the City of Silk. When completed, the Burj Mubarak al-Kabir will beat a residential tower undergoing construction in Dubai estimated to rise between 700 to 800 meters. The Kuwait Municipal Council approved Wednesday the development plans of Madinat Al Hareer, a multi-purpose economic, commercial and residential development in Subiyah. It is owned by Madinat Al Hareer Corporation, a government firm. Covering 250 square kilometers, it will include the world tallest structure, a 2-sq. km. natural desert reservation, duty free area, a new airport, tourist-oriented establishments and business centers. It is estimated to cost $86.1 billion (25 billion dinar). The project aims to reduce Kuwait's dependence on revenues from oil. Half of Kuwait's gross domestic product, valued at $60.72 billion in 2006, came from petroleum. The country holds 10 percent of the world's oil reserves. Dubai's standing tallest structure is Burj Dubai at 422.5 meters with 120 storeys. It is one of five completed building in the world with more than 100 floors. Next to Burj Dubai are New York's Empire State building measuring 381 meters and Chicago's John Hancock Centre with 344 meters.