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The 1.6 km high skyscraper will be twice as tall as the Burj Khalifa in Dubai – currently the tallest building in the world.
The Prince is considering Moscow, New York, London and Shanghai as possible locations, but the interested parties would have to provide tax breaks and state loans.
Building a one-mile high skyscraper will involve a series of technical and design challenges, such as how to supply water economically at that height, but experts say it is not an impossible feat.
In Moscow the decision on the construction will need to get the necessary political approvals – at the moment the height limit in the Russian capital stands at 75 metres and is expected to be lowered.
Alwaleed did not specify how the project would be financed or when it might be completed, adding the cost had yet to be worked out.
By Daria Chernyshova in Moscow, Russia for The BRICS Post