LONDON , England ( CNN ) -- Saudi Prince and billionaire Al-Waleed bin Talal says he will build the world 's tallest building , planned to be over a kilometer ( 3,281 feet ) high . The tower will be built in the Saudi town of Jeddah and will be part of a larger project that will cost $ 26.7 billion , ( 100 billion Saudi riyals ) said the Prince 's firm , Kingdom Holding Company . The planned Kingdom City project will be taller than Burj Dubai tower which is the world 's tallest man-made structure . The project , entitled Kingdom City , will span 23 million square meters ( 248 million square feet ) and will include luxury homes , hotels and offices . The booming city of Dubai in the United Arab Emirates has also joined the skyscraper race . While the ever-growing Burj Dubai is already the tallest man-made structure in the world , the Nakheel Tower is set to go even higher . Developers suggest the finished building will be at least 1 km tall . While in Europe , Paris is leading the skyscraper revolution -- plans for a 50-story building have been given the green light , which will make it the first skyscraper to be built in the city for 30 years . These buildings are part of a new generation of innovative , exciting skyscrapers set to appear all over the world over the next 10 years . View the future skyscrapers » . Some truly mind-blowing structures are being planned for the Middle East . Hot on its heels , the Burj Mubarak Al Kabir , proposed for the planned 'City of Silk ' in Kuwait , could also break the 1000-meter barrier . While they may be mere midgets compared to the mega structures of the Middle East , Russia Tower in Moscow and the Okhta Center Tower in St Petersburg promise to provide some stunning eye candy . Spiraling its way through the Chicago skyline , the Chicago Spire will have a striking corkscrew design , while a gleaming Freedom Tower is to be the highlight of the rebuilt World Trade Center . And proving the skyscraper renaissance is a global phenomenon there are stylish giants planned for Panama , Pakistan and South Korea . Anouk Lorie also contributed to this report .
A new generation of skyscrapers are being planned for cities around the world . Nakheel Tower and Kingdom City will reach over a kilometer in height . In Paris , a law limiting building height has been overturned to allow skyscrapers . Comment: