Saudi Arabia's Kingdom Tower

Construction for what would be the world’s tallest building has begun in Saudi Arabia.

Dubbed Kingdom Tower, the structure is part of a $20 billion project to build a city just minutes from downtown Jeddah.

According to CNBC, it will consist of 170 floors of residential office and 5-star hotel space, and is scheduled to be completed in 2018, with sales to start sometime this year.

The Kingtom Tower is expected to rise to a height of more than 1km, stretching 3,300 feet into the sky.

It will also have the two fastest elevators on the planet, moving at 41 feet per second.