Jeddah: The completion date for the world’s tallest tower has been pushed back to 2019, sources said, almost six years after launching the record-breaking project.
Jeddah Tower is to rise more than a kilometre (almost 3,300 feet), placing it above Dubai’s Burj Khalifa.
The project contractor Saudi Binladin Group was among construction firms in the kingdom that suffered financially after a collapse in oil revenues from 2014.
The company, which developed other prominent buildings in Saudi Arabia, was founded more than 80 years ago by the father of deceased Al-Qaeda leader Osama bin Laden.
Binladin Group late last year said it had completed payment to 70,000 laid-off employees.
Alwaleed first announced plans for the tower in August 2011, saying it would take 36 months to build after the start of construction.
By November 2014, a four-storey foundation was in place and Alwaleed said the building would be finished in 2018.