Saudi Arabia's billionaire prince Alwaleed bin Talal and his holding company Kingdom Holding Co have secured $2bn (£1.33bn) to complete Jeddah Tower, the tallest building in the world, which will reach a more than 1km in height (almost 3,300 feet).
The eccentric banking magnate, who has made headlines recently becoming the second largest shareholder in the social media giant Twitter, secured the funding through affiliate Jeddah Economic Company in a deal with Saudi Arabia's Alinma Investment.
AFP reported the cost to build the 170-floor tower, formerly called the Kingdom Tower, in its entirety was previously estimated to reach 4.6 billion riyals ($1.2 billion).
In a statement, Kingdom Holding Co said: "Alinma Bank will finance the fund, to be managed by Alinma Investment, while Jeddah Economic Company will be the master developer of projects that will draw on the fund's credit lines."
An Islamic banking fund, in keeping with Sharia, of 8.4bn riyal ($2.24bn) will fund a larger financial district in Jeddah, known as Jeddah Economic City. Jeddah tower is expected to be completed in 2018 and the project is expected to be finished on time now the funds have been secured.
In July, Bin Talal the grandson of King Abdul-Aziz Alsaud, the founder and first ruler of Saudi Arabia, made headlines when he announced he would give his $32bn fortune to charity when he died. He has not been a silent investor in Twitter and has criticised CEO Jack Dorsey, who he said should return to his job running mobile payments company Square.
Aside from his extravagant wealth and ostentatious philanthropy, the Saudi prince is an anomaly in Saudi Arabian society and the family that rules the country. His best-known charitable gesture is one he regretted suggesting. He made headlines for the wrong reasons in April, when he promised to buy Bentleys for Saudi pilots who had taken part in the bombing of Yemen.