The completion date for what will be the world’s tallest building, the Jeddah Tower in Saudi Arabia, has been delayed to 2019.
Saudi Arabian billionaire, Prince Alwaleed bin Talal revealed that the project would be pushed back from its original completion date of 2018, according to Arabian Business, citing AFP.
"The project was delayed... but it'll open (in) 2019," he said, after riding in a construction elevator about 30 floors to meet reporters on Thursday.
Alwaleed chairs Kingdom Holding Co whose affiliated Jeddah Economic Company is developing the more than a kilometre high skyscraper in one of Saudi’s most prominent cities.
It was reported last year that the Jeddah Tower would face a 12-month delay and that this was due to a number of factors, including funding issues related to contractor and financial backer, Saudi Binladin Group (SBG).
Hisham Jomah, chief development officer at JEC, said last year: “Basically, it was a financial problem. Until we secured a loan from the bank… to make sure that the cash flow for the contractor is more stable for the time schedule.”
Kingdom Holding reached a financing deal with Saudi Arabia's Alinma Investment to complete the Jeddah Tower in November 2015.
Infrastructure projects have faced delays in Saudi Arabia due to tightening budgets and austerity measures taken as a result of continued low oil prices.