The completion of the world's future tallest tower will be delayed by one year, due to the financial struggles of construction giant Saudi Binladin Group.
Jeddah Tower, formerly known as Kingdom Tower, will stand 1 kilometer high, surpassing the world's current tallest tower – the Burj Khalifa in Dubai – once completed. Previously, the tower was slated for completion by the end of 2018 but that has now been pushed back to the end of 2019.
As of March, the tower was 20 percent complete, according to Arabian Business . However, work has slowed significantly due to contractor Saudi Binladin Group's financing problems. Since a fatal crane crash in Mecca last year, the contractor has been facing significant financial difficulties.
"Basically, it was a financial problem…until we secured a loan from the bank to make sure that the cash flow for the contractor is more stable for the time schedule," Hisham Jomah, chief development officer at Jeddah Economic Company, the tower’s developer, told The National .
The crane crash did not stop work on the tower but it significantly slowed the pace, according to Jomah. Prior to the Mecca accident, the tower was rising at the speed of one floor every five days, however it has since slowed to one floor every six to eight days.
"It’s a very demanding project. It requires the best of anyone who comes close to it, and sometimes the best is not attainable," Jomah said.