The Kingdom Holding Company (KHC) has announced that the Jeddah Economic Company, one of its associated companies, has signed a major agreement with Saudi Binladin Group to resume construction of the Jeddah Tower . This project, which has been on hold for seven years, seeks to complete what will be the tallest skyscraper in the world, at over 1,000 meters in height.
After 5 years, construction of the tallest tower in the world resumes. Source: Megaproyectos
Construction of Jeddah Tower progresses with 63 floors completed
The total value of the deal amounts to SAR 7.2 billion (approximately USD 1.9 billion), of which SAR 1.1 billion has already been invested in the initial phases of the project . Jeddah Economic Company has noted that financing will come from both internal resources and banking facilities, ensuring the continuity of the ambitious project.
The Jeddah Tower now has 63 floors built, out of a total of 157 planned, which represents a significant advance in its structure. Although more than a third remains to be completed, work has resumed at a steady pace after several years of suspension. According to estimates, the project is scheduled for completion in the next 42 months , which means that in just over three years, this impressive tower will reach its maximum height.
The world’s tallest skyscraper in the future
When completed, the Jeddah Tower will surpass the famous Burj Khalifa Tower and will be a symbol of Saudi Arabia’s economic growth and architectural vision . The tower will be the centerpiece of the first phase of the Jeddah Economic Company City, an urban development that will span 1.3 million square meters , on a total area of 5.3 million.
In addition to the construction progress, all essential infrastructure for the first phase is now complete, including basic services such as electricity, water and sewage. High-speed internet connectivity is also guaranteed for the area. With the completion of this project, Saudi Arabia reaffirms its position as a global leader in the field of real estate development and architecture .
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Source: Kingdom Holding Company
Photo: Shutterstock
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