Saudi Arabia Set to Unveil World’s Tallest Skyscraper

Jeddah Tower is slated for completion within 42 months
Jeddah Tower is slated for completion within 42 months
TT

Saudi Arabia Set to Unveil World’s Tallest Skyscraper

Jeddah Tower is slated for completion within 42 months
Jeddah Tower is slated for completion within 42 months

Construction of the Jeddah Tower in western Saudi Arabia is speeding up. Set to be completed in 2028, it will rise over 1,000 meters, becoming the world’s tallest building.
The tower will showcase engineering innovation and technological progress, marking a key addition to the global skyline.
Kingdom Holding Company announced on Monday the resumption of Jeddah Tower construction and concrete pouring, with the presence of the Chairman of the company, Prince Alwaleed bin Talal, its CEO, Eng. Talal Almaiman and representatives from several real estate and architectural firms.
According to the company, Jeddah Tower, which will exceed 1,000 meters in height, will become the tallest building in the world.
It will redefine Jeddah's skyline and position the Kingdom as a hub for architectural excellence and economic opportunities, aligning with the Kingdom’s Vision 2030 goals of diversifying the economy and promoting sustainable urban development.
Prince Alwaleed praised the support the project has received from the government. He explained that most of the loans responsible for construction have been repaid, allowing the company to efficiently manage the project.
He emphasized that this support reflects the government’s commitment to major national projects.
He also confirmed that the tower will be completed in 42 months. Concrete pouring has begun for the 64th floor, and the team plans to finish one floor every four days.
The Jeddah Tower is part of a larger 5.3 million square meter development, with the first phase covering 1.3 million square meters. The total investment will exceed 100 billion riyals, and the tower is expected to house between 75,000 and 100,000 people once finished.
Regarding financing, Prince Alwaleed also highlighted the advanced technology being used in the tower’s construction, including new methods for lifting concrete to heights of up to 1,000 meters.
The tower’s design will make it a unique global landmark, with its final height to be revealed later.



Oil Climbs on Supply Worries, Trump Tariffs Check Gains

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
TT

Oil Climbs on Supply Worries, Trump Tariffs Check Gains

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices extended gains on Tuesday amid concerns over Russian and Iranian oil supply and sanctions threats despite worries that escalating trade tariffs could dampen global economic growth.

Brent crude futures were up $1.2, or 1.6%, at $77.07 a barrel by 1313 GMT, while US West Texas Intermediate crude rose $1.11 or 1.5% to $73.43.

Both contracts posted gains of near 2% in the prior session after three weekly losses in a row, Reuters reported.

"With the US bearing down on Iranian exports and sanctions still biting into Russian flows, Asian crude grades remain firm and underpin the rally from yesterday," PVM oil analyst John Evans said.

Shipping of Russian oil to China and India, the world's major crude oil importers, has been significantly disrupted by US sanctions last month targeting tankers, producers and insurers.

Adding to supply jitters are US sanctions on networks shipping Iranian oil to China after President Donald Trump restored his "maximum pressure" on Iranian oil exports last week.

But countering the price gains was the latest tariff by Trump which could dampen global growth and energy demand.

Trump on Monday substantially raised tariffs on steel and aluminium imports to the US to 25% "without exceptions or exemptions" to aid the struggling industries that could increase the risk of a multi-front trade war.

The tariff will hit millions of tons of steel and aluminium imports from Canada, Brazil, Mexico, South Korea and other countries.

"Tariffs and counter-tariffs have the potential to weigh on the oil intensive part of the global economy in particular, creating uncertainty over demand," Morgan Stanley said in a note on Monday.

"However, we think this backdrop will probably also cause OPEC+ to extend current production quotas once again, which would solve for a balanced market in [the second half of 2025]", the bank added.

Trump last week introduced 10% additional tariffs on China, for which Beijing retaliated with its own levies on US imports, including a 10% duty on crude.

Also weighing on crude demand, the US Federal Reserve will wait until the next quarter before cutting rates again, according to a majority of economists in a Reuters poll who previously expected a March cut.

The Fed faces the threat of rising inflation under Trump's policies. Keeping rates at a higher level could limit economic growth, which would impact oil demand growth.

US crude oil and gasoline stockpiles were expected to have risen last week, while distillate inventories likely fell, a preliminary Reuters poll showed on Monday.

The poll was conducted ahead of weekly reports from industry group, the American Petroleum Institute, due at 4:30 p.m. ET (2130 GMT) on Tuesday and an Energy Information Administration report due on Wednesday.