The ambitious project, projected to be 180m taller than the reigning title holder for the world’s tallest building, Burj Khalifa, when completed.
The Jeddah Tower, expected to be the first one-kilometre-tall building and the world’s tallest building in the making, will serve as a magnet for a surge in global investment in Saudi Arabia, attracting both international and domestic stakeholders to the Kingdom, industry experts said. The tower project is slated for completion in 2028.
“The impact of Jeddah Tower will extend far beyond its architectural grandeur. The construction of such an iconic structure will be a catalyst for transformative change within the Kingdom’s real estate and broader economic sectors,” Sankey Prasad, Chairman and MD, Middle East and India, Colliers, a leading global diversified professional services and investment management company, told Arabian Business. “These types of landmark projects have historically been key drivers of urban development, creating attractive environments for businesses, residents and tourists alike,” he said.
Farooq Syed, CEO of Dubai-based Springfield Properties, said as the Middle East region continues to expand its influence on the global stage, projects like the Jeddah Tower will complement Dubai’s established position as a global hub, fostering increased connectivity, collaboration and economic opportunity across the region.
Other industry and real estate sector experts said the Jeddah Tower project is about much more than just vertical ambition but will ensure that Saudi Arabia remains at the forefront of economic transformation.
Significantly, the Jeddah Tower project implementation comes at a time when the Saudi real estate market is seeing rapid expansion, involving both government and private, including international, investments.
The country’s real estate market is projected to reach a massive $248bn by 2030 from the estimated $170bn in 2023, driven by a surge in demand for housing, rapid urbanisation, massive government investments in real estate and infrastructure projects, including the construction of new cities and surging demand for commercial and industrial spaces following the leadership’s efforts to diversify the economy.
Amidst the on-going developments, the Jeddah Tower could serve as a focal point for international companies looking to establish a presence in the country as well as in the thriving hub of Jeddah, industry insiders said.
