Construction on Kingdom Tower is progressing on schedule, Kingdom Holding Co.’s (KHC) chairman Alwaleed bin Talal said at a recent Jeddah Economic Company (JEC) board meeting.

 

Work on the $1.2 billion project is still in its first phase. When completed, the tower will become the world’s tallest building. It will also be the focal point of Kingdom City, a development set to be built on 5.3 million square meters.

 

JEC was established in in 2009 by the Saudi conglomerate to develop the tower. KHC owns 33.35 percent of JEC, while other shareholders include Abrar Holding (33.35 percent), JEC director Samaual Bakhsh, and businessman Abdulrahman Hassan Sharbatly (16.67 percent), as well as Saudi Binladen Group (16.63 percent).

 

Kingdom Tower - Jeddah

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