By Neha Bhatia
Up to 37 floors of the 1km-tall Jeddah Tower, formerly known as Kingdom Tower, are ready, development group Kingdom Holding reportedly said
Saudi Arabia's 1km Jeddah Tower, formerly known as Kingdom Tower, is reportedly over 20% complete.
Kingdom Holding, which owns a third of the tower's developer, Jeddah Economic Company (JEC), said in a statement that 37 floors of the tower have been built.
The building, upon its launch in 2018, will be the world's tallest.
According to newswire Zawya, the Council on Tall Buildings and Urban Habitat (CTBUH) has previously estimated the tower will comprise 167 floors.
JEC has not formally announced the total number of floors in the structure.
However, CTBUH's estimations of the tower's total floors means it is currently 22% complete.
This announcement came as JEC established the Alinma Jeddah Economic City Fund, following the procurement of sharia-compliant financing worth $959.9m (SAR3.6bn) from Alinma Bank in December.
Remarking on the development, Mounib Hammoud, CEO of JEC, said: "With financing in place, we are now on our way to achieve our set goals and to complete building Jeddah Tower and the infrastructure of Jeddah Economic City as per the five year plan developed by Jeddah Economic Company."For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.