Saudi Prince Relaunches Jeddah Tower Project, Set to Become the World's Tallest Skycraper

Saudi Arabia is set to develop a historical skyscraper that will match Burj Khalifa's popularity and business value.

Led by Prince Alwaleed bin Talal, building will resume after 7 years of stalling due to his involvement in an anti-corruption campaign in 2017.

Financial Times reported that it will also be over 100 meters longer than Burj and is aiming to become a global business hub in the country.

The Jeddah Tower

CNN shared that Jeddah Tower, originally called as the Kingdom Tower, was designed by US architect Adrian Smith. Located at Jeddah's Red Sea, it will include residential and corporate spaces, alongside a hotel, retail, mall and observation deck.

As for its architectural design, Jeddah Tower will resemble a three-petal footprint and tapered shape, similar to how leaves look like when growing from the ground.

With this development, Jeddah will be the gateway to Mecca and Medina and will change its image for residents who have been living and working overseas for their careers. Saudi Arabia is already urging multinational companies to move their regional headquarters to the Kingdom Tower, stating that they will miss out on valuable government contracts if they refuse.

So far, the Financial Times report showed that the Saudi Arabian government listed 517 companies, including about 30% of Fortune 500 companies, that already received licenses to establish their headquarters in the area.

However, analysts believe it will only lead to stronger business competitions, considering operation hubs have been in the region already. It will be up to Kingdom Tower's offerings, like labor regulations, operating costs, and such, to determine if it can be a regional business center of the country.