Saudi Arabia’s 1,000m tall Kingdom Tower in Jeddah, set to become the world’s tallest building, will be completed in 63 months, according to Kingdom Holding Company (KHC) chairman Prince Alwaleed bin Talal.
His remarks came as the Jeddah Economic Company (JEC) announced a £300M increase in the capital cost of the mega project from SR7.3bn (£1.2bn) to £1.5bn. The Jeddah Economic Company (JEC) was set up in 2009 to develop Kingdom City, Jeddah’s new urban development of which the Kingdom Tower is the focal point.
JEC comprises Prince Alwleed’s Kingdom Holding Company, Saudi Binladin Group, Abraar International Holding Company and Jeddah businessman Abdulrahman Hassan Sharbatly.
A £937M construction contract was signed with SBG and the overall estimated cost of the entire Kingdom City Jeddah project is put at £15bn. The final license to construct the tower was formally received from the Jeddah municipality in February.