Jeddah Tower Builds Brains (and a Block of Concrete)
Since year‑old, the Jeddah Tower has had a lofty ambition: become the world’s tallest structure, towering over the Dubai skylines. And despite a sprawling economy that’s playing a very slow‑moving game of Monopoly, developers have signed a fresh 620 million riyal contract – roughly $165 million – to actually get the foundations in place.
Who’s Took the Lead?
- Local powerhouse Al‑Fouzan General Contracting Co won the bid to lay the groundwork and has a 12‑month deadline to finish.
- Behind the curtain is the consortium Jeddah Economic Co, pulling the strings for the whole project.
Timeline Talk
The original blueprints slipped the project under a $1.2 billion budget, aiming to finish by 2020. As of the latest statement, the showdown with the calendar is still a mystery – the consortium’s update didn’t specify if the cliff‑hanger still clocks out.
Economic Reality: Sludge Not Skyscrapers
Back when oil prices were Netflix‑level high, the Saudi real‑estate market was a booming marketplace. Fast forward, the “down‑turn” means soaring costs for a few … well … high‑rise ambitions. Contributing to the low‑oil price slump, tough economic conditions keep the market from blimping upward as quickly as the tower intends to climb.
Politics and the Big Three
Meanwhile, two key people in the consortium’s helm – Prince Alwaleed bin Talal from Kingdom Holding and Bakr Bin Laden from Saudi Binladin Group – have sparred with the government and been detained since last November under Saudi Arabia’s sweeping anti‑corruption sweep. Their presence in the media is like a giant easter egg in the middle of an otherwise plain story.
Why the Contract? It Could Be a Big Deal
By awarding the infrastructure contract, Saudi authorities are sending a subtle but clear message: “Build it. Don’t let the probe knock down the tower.” The aim is clear – keep the world’s tallest dreams from becoming a reality swap, for now.
Final Verdict
The Jeddah Tower is destined to shoot past 1,000 metres (about 3,281 feet) – demolishing the Burj Khalifa at 828 metres. It’s set to stand tall as a beacon of ambition. And if you’re one of the few who’ve ever had a floor in your name, you’re officially part of the project’s story. Build on. Let the world watch. And hey – if this thing ever sprouts a roof, make a new rooftop drugstore!
