Saudi Arabia’s Kingdom Holding has announced work will resume on a 1,000m tall skyscraper in Jeddah, which will become the world’s tallest building when complete.

A statement to the Saudi Exchange said: “Kingdom Holding Company announces that Jeddah Economic Company, an associate company, has signed an agreement to complete the construction works of the Jeddah Economic Company Tower”.

Kingdom Holding Company informed shareholders that the Jeddah Economic Company has signed an agreement with Saudi Binladin Group Company to resume the construction of the project originally named the Kingdom Tower.

Saudi Arabia announces work on world’s tallest building

The construction contract was valued at SR7.2bn ($1.9bn), with around SR1.1bn ($300m) already paid for construction works previously completed on the tower.

63 storeys of a planned 157 have already been built, with an announced final height of more than 1,000m it will be the world’s tallest building when completed.

Kingdom Holding said the anticipated construction time will be 42 months, giving a completion date of Q2 2028.

Jeddah Economic Company will finance remaining construction of the tower through internal funding and banking facilities.

The bourse statement added: “The tower will be part of the first phase of 1.3 million square meters of the total area of Jeddah Economic Company City, which is approximately 5.3 million square meters.

“The infrastructure development for the entire first phase, spanning 1.3 million square meters, has been executed, containing essential amenities such as electricity, water, sewage, flood drainage, and high-speed internet connectivity”.

The supertall tower will be built to surpass Dubai’s Burj Khalifa by more than 172m in height and will serve as the centrepiece of the Jeddah Economic City development.

Final details of the tower have yet to be released, but reports say that the completed tower will include a Four Seasons hotel, offices and luxury residential real estate.

The tower was designed by Adrian Smith, the American architect behind Dubai’s Burj Khalifa,

Saudi billionaire Prince Alwaleed bin Talal announced the resumption of work with a post on social media, saying “We’re back” along with an artist’s rendering of the completed tower.