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.
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