Kingdom Tower will be the first part in a new project called Kingdom City, a planned suburb of Jeddah, with plans to eventually become a new city entirely. Plans for Kingdom Tower have been circulating since 2008, when it was originally named the "Mile-High Tower," for the obvious reason that it was going to be a mile high. However, the foundation where the Kingdom Holding Company wanted to build the tower was not stable enough to support such a large project. Instead, the company settled for the kilometer high title, where on August 2, 2011, Kingdom Holding announced that construction would commence soon, as the support for the tower had finally been gathered. The idea of Kingdom Tower is accredited to the Prince of Saudi Arabia, Al-Waleed bin Talal, whom also owns Kingdom Holding Company. The prince is the main contributor to this project, as he is known to be one of the wealthiest men in the world.