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World’s tallest tower is back on track

24 October 2024

 

The chairman of Saudi Arabia’s Kingdom Holding, Prince Alwaleed Bin Talal Al-Saud, published a two-word message on social media platform X on 2 October. The message, which said, “We’re back,” was accompanied by an animated video of a fly-through rendering of the world’s next tallest building, the 1,000-metre-plus Jeddah Tower. 

The post was made shortly after a pivotal event for the tower. Earlier that day, the company developing the project, Jeddah Economic Company (JEC), in which Kingdom Holding is a shareholder, signed a contract with the local Saudi Binladin Group (SBG) to resume construction work on the scheme. The SR7.2bn ($2bn) contract includes SR1.1bn for works already completed on the tower. 

SBG was the original contractor on the project before construction work stalled in 2018. This left the tower’s superstructure about one-third complete, with 63 floors built out of 157. 

Speaking to MEED after the contract signing, Kingdom Holding’s CEO Talal Ibrahim Almaiman echoed and expanded on Prince Alwaleed’s post. 

“We’re back. People have been asking questions about the project after it froze in February 2018. We had the patience, but also the determination to finish it. We will deliver what we promised to deliver at the highest possible quality, with a contractor with a long history of success when it comes to handling such huge projects,” he says.

Contractor selection

Appointing a firm to build a tower that will be the world’s tallest is more than just a major contract signing. 

“There are plenty of successes. Saudi Arabia will soon have the record for the tallest tower in the world. Kingdom Holding is doing what it does best, completing projects at the highest level. Saudi Binladin is going to get back its glory. And the people of Jeddah will have the tallest tower in the world,” says Almaiman.

The appointment of the original contractor after having started a fresh tender process for the project in late 2023 has taken some in the market by surprise. 

“Rather than talk about the past, I would like to talk about the future,” says Almaiman.

“SBG has gone through some technical and financial difficulties in the past. The latest announcement, when the Ministry of Finance said it would support them with their issues with the banks, gave them huge financial credibility. The government of Saudi Arabia being a partner and shareholder in SBG gives us huge confidence,” he adds.

With financial issues put to one side, SBG was able to put together a winning proposal to complete the tower. “The contractor spent a lot of time with our designers, quantity surveyors and other experts and went through each part of the tower and how they plan to build it by moving from floor to floor, and this method was approved by us,” says Almaiman. 

Programme and price were also key factors. “The other consortium we spoke to was planning to finish in 58 months, whereas Binladin was saying 42 months, which is three and a half years,” Almaiman explains, adding: “For pricing, we got a good deal.”

In addition, there were several practical reasons for selecting the original contractor on the project, according to Almaiman. SBG already has offices established on site and, as a Jeddah-based company with a long history of delivering major projects in Saudi Arabia, it has well-established connections with the local supply chain.

With financial issues put to one side, SBG was able to put together a winning proposal to complete the tower

Future vision

Although the Jeddah Tower project has a history that can be traced back over a decade, its ambitions are very much in tune with those of modern Saudi Arabia. 

“It is in line with the government’s Vision 2030 to create attractions for Saudi Arabia,” says Almaiman.

Vision 2030 reinforces the importance of the three-and-a-half-year programme that SBG offered because it puts the tower comfortably on course to be delivered in mid-2028, well ahead of 2030.

Completing the world’s tallest tower is just the start for the wider Jeddah Economic City development. 

“The tower is part of phase one, which is about 1.1 million square metres,” says Almaiman. 

“We are now in discussions with investors about coming in and developing. We will contribute land. We will not be selling land at phase one for the sake of selling. We will control the development and the building code,” he adds.

Securing the title

Building the world’s tallest tower inevitably prompts conversations and speculation about other rival towers being planned around the world. 

However, Almaiman is confident that Jeddah Tower’s reign as the world’s tallest will be lengthy, as he, perhaps better than anyone else, understands the challenges involved in building record-breaking towers. 

“The reason for calling the tower 1,000-plus-metres is because we will add more height. The final height of the tower will be decided by HRH Prince Alwaleed Bin Talal,” he says. 

“The other developers will probably need around 10 years to catch up, and if we keep the title for that long, I will be happy.” 

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Colin Foreman

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    About the authors

    Dr Anastasia Nosova is associate managing director at K2 Integrity, a prominent global risk advisory, compliance and corporate investigations firm. Renwar Ahmed is an associate at the company’s Investigations & Disputes practice. 

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    READ THE AUGUST 2026 MEED BUSINESS REVIEW – click here to view PDF

    Saudi Arabia builds for the global stage; Rising uncertainty creates fresh set of challenges in the Maghreb; Gulf banks remain robust in the face of geopolitical tensions.

    Distributed to senior decision-makers in the region and around the world, the August 2026 edition of MEED Business Review includes:

    > MARKET FOCUS: Maghreb fortunes diverge
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/18117953/main.jpg
    Colin Foreman