Construction of the world's tallest tower in the Red Sea port city of Jeddah will resume

According to a statement from the stock exchange, Jeddah Economic Company (JEC) will start building the highest skyscraper in the world in the Red Sea port city of Jeddah, Saudi Arabia. 

Resuming development on the Jeddah Economic business Tower project, Saudi Binladin Group Company and affiliate business JEC have inked a deal, according to a statement from the Saudi-listed Kingdom Holding Company (KHC) on the Nasdaq. 

As to the announcement, 63 levels out of the total 157 floors of the 1,000-meter-tall Jeddah Economic Company Towe have been constructed. It is anticipated that the building work would be finished in 42 months.

According to the statement, the total contract value is 7.2 billion Saudi riyals, or almost $2 billion.