Arabtec Construction and its partner Samsung are no longer vying for an estimated $1.5bn (Dh5.5bn) deal to build what could become the tallest tower in the world.

The joint venture had planned to submit its price this month for the 1.1km-tall Kingdom Tower in Saudi Arabia but pulled out because of “various reasons associated with the requirements”, said Tom Barry, the chief executive of Arabtec Construction, a unit of Arabtec Holding.

“We couldn’t comply so we decided not to bid.”

The tower, which if built would eclipse Dubai’s 818-metre Burj Khalifa, is being planned by Kingdom Holding, the business conglomerate owned by the Saudi Prince Alwaleed bin Talal bin Abdulaziz Al Saud.

The National