EDITION:

Int 'l

YOU ARE NOT LOGGED IN:

Services

Help, I forgot my username and/or password

Retrieve password form

Services:

LANGUAGE:

بالعربية

Kingdom Tower project put on hold

By Martin Morris

Tuesday, 10 February 2009 12:32 AM

Saudi Arabia's Kingdom Tower in Jeddah has become the latest of the world's tallest skyscraper projects to be put on hold.New Civil Engineer magazine, citing MEED (Middle East Business Intelligence), reports that work on the world's tallest tower, which at one point had been expected to be one mile in height, has been shelved because of the global economic crisis.

This follows similar moratoriums on Dubai's 1km Nakheel Tower, the 415m Chicago Spire, and Moscow's 612m Rossia Tower.

The decision to delay the Kingdom Tower comes after its developer Kingdom Holding reported steep losses in Q4 2008, because of the downturn in local and international equity markets.

Bechtel was project manager for the tower development and is in the process of ending its involvement with the project.

"It is not going to happen in the short term; it has been deferred for an undetermined period of time," a source close to the project told MEED.

"Bechtel is closing its account with Kingdom, and is no longer involved with the project."

Market Performance

Kingdom Holding Company

Last Price:

11.8
0.0	0.0 (%)

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

No comments yet, be the first!

Further reading

Construction Get E-Mail Alerts

Kingdom Holding Company Get E-Mail Alerts

Photo Galleries
Videos

Most Popular

Read
Photos
Videos
Email
Commented

Most Discussed

24 hrs
7 days
4 weeks

32
Saudi Arabia bans use of Western calendar

I dont think its that a big deal to be honest. companies and people who already work in saudi are aware of the Hijri new year so it woudnt affect them... more
Wednesday, 23 May 2012 3:21 PM - Nas-h
13
Leighton Holdings boss says Al Habtoor JV was a mistake

we are in trouble because of Leighton, since they joined our company, and our company is going down down and down. so pls Leighton leave us more
Tuesday, 22 May 2012 4:22 PM - Kumar
7
UAE officials warn against marrying foreigners

A very wise and timely warning to protect the UAE nationals from marrying opportunists. more
Wednesday, 23 May 2012 7:55 PM - Layth
7
More than 1/4 of Arab youths jobless - study

Dear all,

Arab Youths are the Younger generations of Arabs. They need not work ( On the other hand they should set up their Own Business) The... more
Wednesday, 23 May 2012 11:32 AM - SELWIN ILANGOVAN
5
Dubai broker first to publish ratings for agents

I listed my property with a leading British run agency. After several weeks there had not been one inspection. The web site looked lovely but no viewings... more
Wednesday, 23 May 2012 11:35 AM - Chris

Read all user comments »

48
Brits must respect UAE culture more - diplomat

the majority of expats (as most people here argue that its a majority painting an entire nation the villain)....why are the filipinos and indians not the... more
Sunday, 20 May 2012 9:17 AM - Arthur
32
Saudi Arabia bans use of Western calendar

I dont think its that a big deal to be honest. companies and people who already work in saudi are aware of the Hijri new year so it woudnt affect them... more
Wednesday, 23 May 2012 3:21 PM - Nas-h
27
Disputed Gulf islands belong to UAE - poll

It is the Arabian Gulf because firstly Persia hasn't existed since 1935 and, therefore, does not appear on modern maps. So, by saying Persian Gulf we are... more
Sunday, 20 May 2012 7:40 PM - Juma Said Juma
25
Nakheel targets 'young and trendy' for Palm project

Palm Jumeirah = Disneyland. Is this the kind of community to invest in for a home ???? or a hotel ? It baffles me why people would invest in an apartment... more
Wednesday, 23 May 2012 4:13 PM - Paul
19
Iran eyes Google legal action over Gulf naming

Instead of clinging to anything that reminisces you of your obliterated past, why don't you spend sometime fixing your disgraceful and humiliating present... more
Tuesday, 22 May 2012 9:30 PM - Fahd

Read all user comments »

48
Brits must respect UAE culture more - diplomat

the majority of expats (as most people here argue that its a majority painting an entire nation the villain)....why are the filipinos and indians not the... more
Sunday, 20 May 2012 9:17 AM - Arthur
40
“Let's forget about 2008,” urges Nakheel chairman

HOW CAN WE FORGET 2008, WHY DID YOU NOT FORGET TO PAY ALL YOUR STAFF BONUSES LIKE YOU HAVE DONE ON THE PAST TWO OCCASIONS , YET YOU CANT COMPENSATE OR... more
Wednesday, 16 May 2012 4:51 PM - MOOSA
32
WORLD EXCLUSIVE: Selling Emirates Airline could “make sense” – vice chairman

The words one should read and think about are "it COULD make sense to sell Emirates in the future". Sir Flanagan does not say it does make sense at this... more
Thursday, 10 May 2012 11:16 AM - Paul dxb
32
Saudi Arabia bans use of Western calendar

I dont think its that a big deal to be honest. companies and people who already work in saudi are aware of the Hijri new year so it woudnt affect them... more
Wednesday, 23 May 2012 3:21 PM - Nas-h
31
Emirati driver racks up US$12,000 in fines in 5 minutes

When I first went to live in ABu Dhabi - I clicked up a couple of speeding fines during the frist year (on empty roads and certainly not tailgating - but... more
Thursday, 17 May 2012 5:45 PM - Baffy

Read all user comments »