Kingdom Holding Company (KHC), a Saudi Arabia-based investment business, has restarted the construction of the Jeddah Tower in the country with the ceremonial pouring of concrete.
The event took place in the presence of the company’s chair, Prince Al-Waleed bin Talal and its CEO Talal Al-Maiman, along with representatives from various real estate and architectural companies.
Construction of the Jeddah Tower began in 2013 but was halted in early 2018 following a nationwide anticorruption campaign led by the country's Crown Prince Mohammed bin Salman. Important figures linked with the project were consequently detained, reported Arabian Gulf Business Insight.
According to a press release posted on Zawya, the Jeddah Tower is set to become the tallest building in the world, with a height exceeding more than 1,000m.
Bin Talal has disclosed that the Jeddah Tower is expected to cost more than SR100bn ($26.6bn).
The tower will include residential units, commercial spaces, a Four Seasons-branded hotel, and an observation deck, providing views of Jeddah and the Red Sea, according to an Argaam report.
The tower is closely aligned with Saudi Vision 2030, which focuses on diversifying the Saudi economy and fostering sustainable urban development.
The tower’s construction is expected to generate a significant number of job opportunities, both throughout its construction and in the long term.
In October 2024, KHC announced that Jeddah Economic Company, a subsidiary, had signed an agreement with Saudi Binladin Group to resume construction of the Jeddah Economic Company Tower project.
The agreement was valued at SR7.2bn, with construction set to take 42 months.
