The first stage of the one-km-high Jeddah Tower being developed by Saudi Arabia's Kingdom Holding Company, the investment firm owned by billionaire Prince Alwaleed bin Talal, is due for completion by 2019 after solving the financial issues with contractor Saudi Binladin Group (SBG), said a report citing its top official.
Jeddah Tower, which currently stands 220 m tall and 50 floors high, is set to become the world’s tallest building on completion, reported The Saudi Gazette.
The Jeddah Tower is the first phase of the whole Kingdom City project, while Phase Two will boast several skyscrapers, apartment buildings and other social centres.
The Phase Three will be to promote Jeddah City by encouraging tourism, stated the report.
'Jeddah Tower is going to be the tallest in the world despite the latest announcement of Dubai in building the tallest tower in the world,' stated Prince Alwaleed, while speaking to the press at the project’s construction site on the 28th floor of Jeddah Tower.
“It is a solid concrete building unlike the one announced in Dubai which is considered as a skeleton. This is why our tower will be the tallest in the world,” he stated.
Giving an update on the project, Alwaleed said the central core containing elevator shafts and stairwells has reached Level 50.
He pointed out that the tower is expected to progress slowly and steadily. “Construction of the Jeddah Tower will rely on cutting-edge technology, including the high-strength reinforced concrete and the pumps used to elevate it to record heights,” the KHC chairman said.
According to him, the overall construction cost of the tower and the surrounded economic city is likely to be around SR75 billion ($20 billion).
'The final height of the building would not be revealed even to project partners until six months before its completion, when the size of the spire at the top will also be unveiled,' he added.