Saudi tycoon Prince Alwaleed bin Talal said on Monday he is gearing up his Kingdom Holdings group for major new investments including Gulf hotels and a one-kilometer-tall ( 3280 ft) tower in Jeddah on the Red Sea.

Burj Khalifa formerly known as Burj Dubai, at 828 m (2,717 ft), is currently the tallest tower ever built

Alwaleed’s fortune took a huge hit in 2009. In 2005, Forbes magazine ranked him the world’s fifth richest man with an estimated 23.7 billion dollars in assets. By March 2009, Forbes ranked him number 22 with 13.3 billion in assets.

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