Prince Alwaleed bin Talal, the chairman of Kingdom Holding Co whose affiliated Jeddah Economic Company is developing the world’s tallest tower, has announced that the project’s final stage will be completed in two years at a cost of six billion riyals (1.6 billion dollars) out of its overall cost of 75 billion riyals (20 million dollars).
Prince Alwaleed bin Talal told Asharq Al-Awsat during a press conference he held on Thursday that there was no final decision on whether Jeddah Tower will rise more than a kilometer.
However, it will be the world’s tallest tower, he stressed at the conference that he held at the site beside the Red Sea.
He also denied that the tower was set to be 1.6 kilometers and that it was later decided to limit its height to 1,000 meters.
“It will rise to around 1 kilometer, a bit more or a bit less,” Prince Alwaleed bin Talal said.
“The final height will be decided by the end of the year,” he added.
When asked on why the completion date had been pushed back to 2019, Prince Alwaleed bin Talal admitted there had been a delay but promised to finish the project in two years in line with the agreement reached with the contractor.
It will include hotels, schools, residential apartments, shopping malls, universities, hospitals and clinics, he said.
He added that the project is important not just for Jeddah and the Western region of Saudi Arabia but for the entire Middle East.
He also expressed gratitude to the support of King Salman bin Abdulaziz, the crown prince and the deputy crown prince for the project.