KHC's Jeddah Tower on Track for August 2028 Completion

Construction on the Jeddah Tower is moving at a pace that gives Kingdom Holding Co. (KHC) a rare company-specific catalyst. Project Director John Peronto told Newsweek the tower is approaching the 104th floor, at just over 400 meters, and the build rate is accelerating to roughly 4 meters per week.

At that speed, the structure will hit 500 meters within 25 weeks. The upper observation deck, the Sky Terrace at the 160th floor, should be reached within 60 weeks. Peronto pegged overall completion for August 2028.

The tower, designed to exceed 1,000 meters, stalled for years after initial work began in the 2010s. Kingdom Holding's affiliate Jeddah Economic Co. (JEC) resumed concrete pouring in January 2025. The October 2024 agreement with Saudi Binladin Group set a 42-month execution period and a total contract value of SAR 7.2 billion. About SAR 1.1 billion had already been paid for completed work, the company said.

For KHC, the Jeddah Tower is its highest-profile single-asset bet. The stock has largely moved on Saudi market sentiment and oil prices this year. A steady construction drumbeat changes that. Each vertical meter adds to the project's book value and reduces the completion risk that has weighed on the stock since the delays.

The 4-meter-per-week rate, if sustained, puts the Sky Terrace finish in the second half of 2026. That milestone could unlock pre-sales or anchor tenant commitments, giving the project a revenue stream before the full completion. The 500-meter mark, expected around mid-2025, will draw fresh media attention and could serve as a public proof point.

The numbers line up. The project needs about 600 more meters of vertical construction. At 4 meters per week, that is roughly 150 weeks of work, aligning with Peronto's August 2028 target. Any material deviation in the weekly rate will be the first signal to track.

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