The construction of a 1,000-meter-tall skyscraper in Jeddah, Saudi Arabia’s Kingdom Holding, is set to resume. Upon completion, this structure will hold the title of tallest building in the world.
A statement to the Saudi Exchange said: “Kingdom Holding Company announces that Jeddah Economic Company, an associate company, has signed an agreement to complete the construction works of the Jeddah Economic Company Tower”.
The Kingdom Holding Company notified shareholders that the Saudi Binladin Group Company and the Jeddah Economic Company have inked a deal for the restoration of the Kingdom Tower project.
Saudi Arabia announces work on world’s tallest building
The construction contract was worth SR7.2 billion ($1.9 billion), of which about SR1.1 billion ($300 million) had already been paid for earlier tower construction projects.
With 63 of the 157 floors already constructed and an expected finished height of over 1,000 meters, this will be the tallest building in the world when it is finished.
According to Kingdom Holding, the project is expected to take 42 months to complete, with a Q2 2028 completion date.
Jeddah Economic Company will use bank loans and internal funds to pay for the tower’s remaining construction.
The tower will be a part of the first phase of Jeddah Economic Company City, which will encompass 1.3 million square meters of the city’s total area, or roughly 5.3 million square meters, according to the statement released by the bourse.
“The infrastructure development for the entire first phase, spanning 1.3 million square meters, has been executed, containing essential amenities such as electricity, water, sewage, flood drainage, and high-speed internet connectivity”.
The supertall tower will be the focal point of the Jeddah Economic City development and will rise higher than Dubai’s Burj Khalifa by more than 172 meters.
Although the tower’s exact specifications are still unknown, rumors suggest that when it is finished, it will house a Four Seasons hotel, offices, and opulent residential real estate.
Adrian Smith, the American architect responsible for the Burj Khalifa in Dubai, designed the tower.
The resumption of work was announced on social media by Saudi billionaire Prince Alwaleed bin Talal with the caption “We’re back” and an illustration of the finished tower by an artist.
