Kingdom Holding Company (KHC), a Saudi Arabia-based investment business, has restarted the development of the Jeddah Tower within the country with the ceremonial pouring of concrete.
The event took place within the presence of the corporate’s chair, Prince Al-Waleed bin Talal and its CEO Talal Al-Maiman, together with representatives from various real estate and architectural firms.
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. Necessary figures linked with the project were consequently detained, reported Arabian Gulf Business Insight.
Based on a press release posted on Zawya, the Jeddah Tower is ready to change into the tallest constructing on the planet, with a height exceeding greater than 1,000m.
Bin Talal has disclosed that the Jeddah Tower is anticipated to cost greater than SR100bn ($26.6bn).
The tower will include residential units, business spaces, a 4 Seasons-branded hotel, and an commentary deck, providing views of Jeddah and the Red Sea, in response 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 anticipated to generate a major variety of job opportunities, each throughout its construction and in the long run.
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.
“Kingdom Holding resumes construction of Jeddah Tower” was originally created and published by World Construction Network, a GlobalData owned brand.
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