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Riyadh, Saudi Arabia
Riyadh, Saudi Arabia – Kingdom Holding Company announced that its associate firm, Jeddah Economic Co., has signed a SAR 7.2 billion (approximately $1.9 billion) agreement with the Saudi Binladin Group to resume construction of the Jeddah Tower. Any remaining costs will be financed through internal resources and banking facilities.
Infrastructure development for the first phase, spanning 1.3mn sqm, has been completed, including essential services such as electricity, water, sewage, flood drainage, and high-speed internet connectivity.
Once finished, the Jeddah Economic Company Tower will join an exclusive group of mega-tall skyscrapers- buildings that reach 600 metres or taller – according to The Council on Tall Buildings and Urban Habitat. Currently, only four structures hold this title: the Burj Khalifa, Merdeka 118 in Kuala Lumpur, the Shanghai Tower, and the Makkah Royal Clock Tower in Mecca.
Originally named the ‘Kingdom Tower,’ the structure is designed to rise from three separate bases that slope continuously to different heights, helping to balance the building’s weight and stabilise it against wind forces. This iconic tower will serve as the centrepiece of an economic city, featuring offices, residential areas, retail spaces, and hospitality developments.
The design, inspired by the contours of a sprouting desert plant, is the work of American architect Adrian Smith. The tower will include a Four Seasons hotel, luxury apartments, offices, three lobbies on the upper floors, and the world’s highest observation deck on the 157th level.
After standing half-built for years due to funding constraints, construction is now set to take 42 months, with 63 of the planned 157 floors already completed. Kingdom Holding, majority-owned by billionaire Prince Alwaleed bin Talal, is moving forward with this ambitious project over a decade after it was first conceived.
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