Saudi Arabia’s Kingdom Holding Company (KHC) announced on Wednesday that Jeddah Economic Company has signed off on an agreement with the Saudi Binladin Group to resume the project. The agreement is valued at $1.918 billion , of which $293 million has already been paid out for works previously completed on the tower. Jeddah Economic Company will finance the tower’s remaining construction through internal funding and banking facilities, Kingdom Holding said in an statement to the Saudi bourse Tadawul. The remaining work is expected to finish in 42 months, with 63 floors out of the total 157 completed, Kingdom Holding said. The tower will be part of the first phase of 1.3 million square metres of the total area of Jeddah Economic Company City, which is approximately 5.3 million m2. The infrastructure development for the entire first phase, spanning 1.3 million square metres, has been executed, containing essential infrastructure such as electricity, water, sewage, flood drainage, and high-speed internet connectivity. At 1,000 metres high, Jeddah Tower will be 172 metres higher than Dubai’s Burj Khalifa, which is the current tallest building in the world at 828 metres. Saudi Binladin Group is the project’s original main contractor. Kingdom Holding announced in September 2023 the tower will resume construction, after a nearly five-year hiatus. A number of local and international firms submitted bids for the project last year. Burj Jeddah has been designed by American architecture firm Adrian Smith + Gordon Gill Architecture (AS + GG), which also designed the Burj Khalifa. Bauer completed the foundation and piling works a decade ago. (ICE RIYADH)

Fonte notizia: Construction Week