Jeddah Economic Company (JEC) has restarted work on the world’s tallest tower, the 1,000-metre-plus-tall Jeddah Tower project in Saudi Arabia.1
The developer has invited contractors to bid by the end of this year for a contract to complete the record-breaking structure. Kingdom Holding Company CEO Talal Ibrahim Almaiman confirmed that the tender has been officially issued when contacted by MEED.
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JEC has called the performance guarantees or bonds provided by SBG. A source close to the project said that the value of the bonds totals SR653m ($174m).
Almaiman confirmed that the developer has exercised its rights under the contract after giving the contractor five years to re-engage.
While SBG is no longer working as the contractor on the project, the consultancy team remains the same. The architect is US-based Adrian Smith & Gordon Gill, and the engineering consultant is Lebanon’s Dar al-Handasah (Shair & Partners).
The shareholders in JEC are Kingdom Holding Company with a 40 per cent stake, Bakhsh Group with a 40 per cent stake, and Sharbatly Group with a 20 per cent share.
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- 1. “The tower will be more than 1,000 metres tall, and it is back in full motion,” a source close to the project told MEED.
