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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
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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.

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Positive Outlook for Saudi Stock Market Next Week

A trader monitors the screen at the Saudi Exchange in Riyadh. (AFP)
A trader monitors the screen at the Saudi Exchange in Riyadh. (AFP)
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Positive Outlook for Saudi Stock Market Next Week

A trader monitors the screen at the Saudi Exchange in Riyadh. (AFP)
A trader monitors the screen at the Saudi Exchange in Riyadh. (AFP)

Saudi Arabia’s Tadawul All Share Index (TASI) ended the second week of March with a slight decline for the third consecutive week, closing down 0.73% at 11,725.88 points, compared to the previous week's close of 11,811.11 points.

In an analysis of the market performance during the week ending March 13, Dr. Suleiman Al-Humaid Al-Khalidi, a financial market analyst, told Asharq Al-Awsat that the market experienced a sharp decline not seen in years, coinciding with a drop in global markets, particularly in the US, where $2 trillion in value was wiped out in a single day.

This accounted for roughly 60% of the total market value of the Saudi stock market.

Al-Khalidi noted that the key player in the Saudi market is the banking sector, especially Al-Rajhi Bank's shares, which showed resilience and did not follow the downward trend. This was attributed to the strong profits reported by the banking sector in 2024.

The primary factors contributing to the market’s decline include global economic pressures, particularly US tariffs on most global economies, ongoing global uncertainty, and the Federal Reserve's tight monetary policies, he explained.

These factors have significantly impacted liquidity flows into financial markets. Additionally, fluctuations in global oil prices, despite recent stability, have also played a role.

This downturn has been accompanied by caution among sovereign wealth funds, investment institutions, and some portfolios in injecting new liquidity or altering their positions until there is more clarity in the financial markets, he went on to say.

Moreover, Al-Khalidi said that the Saudi stock market has not accurately reflected the true strength and size of the Saudi economy, which has grown to SAR 4 trillion, up from SAR 600 billion in 2016, before the launch of Vision 2030.

Additionally, the country’s GDP has reached approximately $1.1 trillion.

Looking ahead to the market's performance in the coming week, he noted that there are strong support levels at 11,550 points, followed by 11,450 points.

These levels could help shift the market toward an upward trajectory and better reflect the robust growth of the Saudi economy.

Al-Khalidi emphasized that the banking and energy sectors could play a leading role in driving the market higher, pushing the index beyond this week’s closing levels.

He also pointed out that some stocks are hitting new lows, presenting significant investment opportunities for those seeking safe havens with steady returns in the Saudi market.