World’s tallest tower to open in 2019, says Prince Alwaleed

The completion date for Jeddah Tower, which is set to be the world’s tallest building, has been pushed back to 2019, Saudi billionaire Prince Alwaleed bin Talal has told AFP.

It has been more than six years since plans for the tower have been announced. It was originally scheduled to be completed in 2018, and is to rise more than a kilometer high (about 3,300 feet).

"The project was delayed... but it'll open (in) 2019," Prince Alwaleed bin Talal, who chairs Kingdom Holding Company (KHC), told AFP.

KHC’s affiliated Jeddah Economic Company is developing the new landmark. Saudi Binladin Group, which has faced financial troubles since oil prices more than halved in 2014, is the project’s contractor. Last year, the company faced ongoing difficulties in paying its employees. Late last year, the Group said they had completed salary payments to 70,000 laid-off workers.

Last May, Hisham Jomah, chief development officer at Jeddah Economic Company, told Argaam that work on the tower was progressing despite economic difficulties being faced by Binladin Group.

Kingdom Holding owns shares in the Euro Disney theme park, News Corporation, Apple, and US banking giant Citigroup, among other companies.