A general view in 2005 shows the beachfront center of the Saudi Red Sea port city of Jeddah, where the world's highest tower is slated to be built. Getty

Saudi Arabia's Kingdom Tower in Jeddah is slated to become the world's highest skyscraper when it is erected in 2020, knocking Dubai's Burj Khalifa tower from its perch as tallest building at 2,716 feet. The new tower will claim the title if it reaches its planned height of 3,280 feet.

Saudi officials confirmed in a press release Sunday that financing had been secured for the project, signing a deal with Jeddah Economic Company and Alinma Investment. The 200-floor Kingdom Tower will be part of a reported $8.4 billion project to construct Jeddah City. Construction of the skyscraper will entail 5.7 million square feet of concrete and 80,000 tons of steel, according to CNN.

"With this deal, we will reach new, as yet unheard-of highs in real estate development, and will fulfill the company's objective of creating a world-class urban center that offers an advanced lifestyle, so that Jeddah may have a new iconic landmark that attracts people from all walks of society with comprehensive services and a multitude of uses," said Mounib Hammoud, chief executive officer of Jeddah Economic Company.

Architecture firm Adrian Smith + Gordon Gill is spearheading the Kingdom Tower design project. The first 26 floors have already been constructed.

"Because it changes shape every few floors, the wind loads go round the building and won't be as extreme as on a really solid block," co-design architect for the project Gordon Gill told Construction Weekly.

The Kingdom Tower will include a hotel, apartments and offices. There will be 59 elevators incorporated into the design.

Jeddah City community will overlook the Red Sea and feature a massive shopping mall as well as residential apartments.