At a ceremony held on the site Wednesday, the development consortium behind the project, Jeddah Economic Company (JEC), announced that the tower is now scheduled to finish in 2028.
After an almost seven-year hiatus work will resume on construction of what is projected to be the world’s tallest skyscraper upon completion. In a statement to the Saudi stock exchange on Wednesday the Jeddah Economic Company (JEC), which is associated with the Kingdom Holding Company (KHC) chaired by Prince Alwaleed Bin Talal, has reached an agreement with Saudi Binladin Group to continue developing the Jeddah Economic Company Tower.
The JEC was originally formed in 2009 as a joint venture composed of Kingdom Holding Company, Abrar Holding Company, Qila’a Jeddah Company and Saudi Binladin Group and construction of the tower began in 2013. Construction was put on hold in 2017 when Prince Alwaleed and his key executives with the Saudi Binladin Group, were caught up in an anti-corruption campaign.
In July this year, Zawya reported that:
“A consortium of prominent Saudi companies has agreed to acquire the fund responsible for developing the Jeddah Economic City (JEC), including its centerpiece, the Jeddah Tower, set to be the world’s tallest tower. The consortium comprising Kingdom Holding Company, Sumou Holding Company, and Jeddah Economic Company (JEC), an affiliate of Kingdom Holding will acquire Alinma Jeddah Economic Fund, established in 2015 by the Alinma Investment Company to fund the 5.3-million square metre Jeddah Economic City and the more than 1,000-metre tall Jeddah Tower. Kingdom Holding, traded on the Tadawul stock exchange, will hold a 40 percent stake in the newly established fund, valued at 6.8 billion Saudi riyals ($1.8 billion). Currently, the SAR8.4 billion ($2.2 billion) Alinma Jeddah Economic Fund is fully owned by JEC.”
According to the Saudi stock exchange announcement, Saudi Binladen Group’s new contract is $1.9 billion of which around $290 million has been already paid for completed work. At present, 63 of the tower’s 157 stories have been built.
“The Jeddah Economic Company Tower, will be the world’s tallest structure at over 1000 meters, has seen the completion of 63 floors out of the total 157. The tower will be part of the first phase of 1.3 million square meters of the total area of Jeddah Economic Company City, which is approximately 5.3 million square meters. 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.”
