Saudi tycoon plans to rebuild world's tallest tower project

One of Saudi Arabia’s wealthiest businessmen, Prince Alwaleed bin Talal, has relaunched his ambitious project to build the world’s tallest tower, as the kingdom ramps up its efforts to attract global investors and tourists through high-profile real estate ventures.

Work on the Jeddah Tower, which will soar more than 1,000 meters high, resumed this week. Once completed in 2028, it will surpass Dubai’s 828-meter Burj Khalifa, becoming the world’s tallest building. The project, originally launched in 2013, stalled after Prince Alwaleed was detained in a 2017 anti-corruption crackdown led by Crown Prince Mohammed bin Salman, Caliber.Az reports per foreign media.

“We’re back,” Prince Alwaleed announced in a post on X (formerly Twitter), sharing a video of the project and visiting the site in his signature aviator sunglasses. His Kingdom Holding Co. is leading the initiative, marking Prince Alwaleed’s most high-profile venture since his release.

This resurgence comes amid a series of other luxury real estate announcements in Saudi Arabia this week, as the kingdom strives to compete with financial hubs like Dubai. Hyatt revealed plans for two luxury hotels in Neom, the futuristic city central to Saudi Arabia’s Vision 2030 economic diversification plan. Marriott International also announced the opening of a Ritz-Carlton resort on Amaala, a Red Sea island, next year.

While the Saudi government plans to reduce spending next year due to declining oil revenues and concerns over a growing budget deficit, these high-end real estate projects highlight the kingdom’s continued focus on attracting foreign investors and diversifying its economy beyond oil.

By Khagan Isayev