Kingdom Holding Company has announced a significant development regarding the Jeddah Tower project, with its affiliate, Jeddah Economic Company, signing an agreement with Saudi Binladin Group to resume and complete construction on this landmark project.

In an official statement released today on the Tadawul exchange, Kingdom Holding revealed that the total value of the contract is set at 7.2 billion SAR. To date, approximately 1.1 billion SAR has been disbursed as part of the overall contract value for construction activities that have already been completed. The anticipated timeframe for the completion of the remaining construction is 42 months.

Funding for the continuation of construction will be sourced from Jeddah Economic Company’s internal resources, along with bank financing, with no related parties involved in the transaction.

Upon completion, the Jeddah Tower is projected to be the tallest building globally, reaching heights of over 1,000 meters. Currently, 63 of the planned 157 floors have been constructed, marking significant progress in what will be a flagship structure within the first phase of Jeddah Economic City, which spans 1.3 million square meters of a total planned area of approximately 5.3 million square meters.

The company also highlighted that all necessary infrastructure works for the first phase, including utilities such as electricity, water, sewage, stormwater drainage, and high-speed internet, have been completed, setting a solid foundation for future developments.

Jeddah Economic Company is 33.6% owned by Kingdom Holding Company. The construction of the Jeddah Tower commenced in April 2013, with the initial target for completion set for 2018; however, this deadline has been extended to 2020.

In a previous update from May 2017, Jeddah Economic Company confirmed that the massive concrete works were progressing well, with the tower reaching the 54th floor, further establishing its potential as an iconic structure in the region.

This project not only symbolizes architectural ambition but also reflects Saudi Arabia's ongoing commitment to urban development and economic diversification, as outlined in the Vision 2030 initiative. As the Jeddah Tower nears completion, it is expected to attract significant global interest, driving investment and tourism to the area.