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Old May 17th, 2016, 01:04 PM   #15001
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You have been watching too much star wars, my good sir.
I find your lack of faith disturbing
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Old May 17th, 2016, 01:12 PM   #15002
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JEDDAH | Jeddah Tower | 1000m+ | 3281ft+ | 167 fl | U/C





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Jeddah Tower 'delayed' due to Binladin Group funding issues





Financial pressures affecting construction giant Saudi Binladin Group have reportedly caused a year-long delay in building the 1 kilometre-high Jeddah Tower.

Formerly known as Kingdom Tower, Jeddah Tower is set to be the tallest tower in the world when completed.

It was scheduled for completion in 2018, and Arabian Business reported in March that it was over 20 percent complete.

However, it has since emerged that funding issues with contractor Binladin Group have disrupted the schedule.

Hisham Jomah, chief development officer at Jeddah Economic Company, the tower’s developer, told The National the scheme is now due for completion at the end of 2019 – 12 months later than planned.

He said the delay was “due to a number of factors – mainly the contractor [Saudi Binladin Group]”, according to the newspaper.

“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,” Jomah was quoted as saying.

Saudi Binladin Group has reportedly been suffering financial difficulties as a result of the fatal Makkah crane crash last year, and hundreds of staff have claimed they are waiting for several months’ worth of wages.

Work at the site did not stop since the crash but “came to a very low pace for three to four months”, Jomah revealed, adding that the developer is hoping to resume a programme through which one floor of the tower can be completed every five days. Right now, it is working at a rate of between six and eight days, he said.

“It’s a very demanding project. It requires the best of anyone who comes close to it, and sometimes the best is not attainable.”

It was reported last year that Kingdom Holding, of which Jeddah Economic Company is an affiliate, had secured 8.4 billion riyal ($2.2 billion) of financing to complete the tower.

As well as being a contractor, Binladin Group holds a reported 16.66 percent stake in Jeddah Economic Company.



http://www.arabianbusiness.com/jedda...l#.VzruEvl97IU
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Old May 17th, 2016, 01:13 PM   #15003
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Binladin hit financial trouble late last year after it was suspended from bidding for new work following the collapse of a crane that killed at least 109 pilgrims at Mecca’s Grand Mosque, and the suspension of payments to most contractors in the kingdom by the government as it reassessed schemes before announcing its National Transformation Plan.

Binladin did not immediately reply to a request for comment but a spokesman for the company has said: “As a principle, the group doesn’t comment on its financial issues, or relationships with other business partners. “We remain focused and committed to deliver our projects to the highest standards and satisfaction of our clients as we have always been doing."

Last week Binladin confirmed to The National that it is in the process of laying off 14,000 more staff in the coming weeks, following 55,000 earlier departures. More info on thenational.ae
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Old May 17th, 2016, 01:24 PM   #15004
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Were they seriously still going for a deadline of 2018? This is not really that bad because we already knew it wouldn't complete by 2018.
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Old May 17th, 2016, 02:04 PM   #15005
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I've seen an issue like this locally...on a $1B factory the state was late paying construction workers and the timeline was pushed backed. Payment delays are terrible.
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Old May 17th, 2016, 02:45 PM   #15006
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Actually it isn't real news

As long the financial support is really secured there are no worries even if they continue with an average of 3 floors a month.

There are still four years till 2020 and there are 48 months. So, 48 * 3 = 144 floors => 144 + 40 completed floors = 188 which is more than the total usable floors (neglecting the fact that the floors will continue getting smaller based on their area)

I don't really think it will ever be on hold with financial support existing!
So, it will just be a matter of time
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Old May 17th, 2016, 03:46 PM   #15007
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^If Emaar is indeed aiming for the tallest tower title with their new tower then they need to build this thing fast or it might never see the title. So time might be an issue as well
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Old May 17th, 2016, 04:58 PM   #15008
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Old May 17th, 2016, 05:06 PM   #15009
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^If Emaar is indeed aiming for the tallest tower title with their new tower then they need to build this thing fast or it might never see the title. So time might be an issue as well
The Jeddah Tower will get the title of the tallest freestanding building. And the title of the tallest skyscraper. Dubais Icon Tower is more an observation tower than a skyscraper.
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Old May 17th, 2016, 07:39 PM   #15010
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yapp, Icon Tower will be the tallest structure, but a guyed one.
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Old May 18th, 2016, 05:19 AM   #15011
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Originally Posted by Ch.W View Post
The Jeddah Tower will get the title of the tallest freestanding building. And the title of the tallest skyscraper. Dubais Icon Tower is more an observation tower than a skyscraper.
Yupe, and yet nobody can be sure which one will be higher than the other. This one or that one. But, it is good not to know. It makes these coming years even more interesting
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Old May 18th, 2016, 08:15 AM   #15012
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Flashback to Post # 13916, Feb. 1, 2016:


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Pace is glacial. I'm getting that "Waterview" feeling again. Folks in Chicago will know what I'm talking about.

Glad I didn't get banned from the site for that observation, like I was from that competing skyscraper "page" (which is moderated by Chicago homers who mark every Chicago project over 300 feet as "cool") when I said something similar about the Chicago Spire in early summer 2008. The site was obviously being cleared, I said, to put it into mothballs. Everyone else was sure they were leveling it for a foundation pour.
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Old May 18th, 2016, 08:24 AM   #15013
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Quote:
Originally Posted by fayzoon View Post
Actually it isn't real news

As long the financial support is really secured there are no worries even if they continue with an average of 3 floors a month.

There are still four years till 2020 and there are 48 months. So, 48 * 3 = 144 floors => 144 + 40 completed floors = 188 which is more than the total usable floors (neglecting the fact that the floors will continue getting smaller based on their area)

I don't really think it will ever be on hold with financial support existing!
So, it will just be a matter of time
Its technically not. When I mentioned about the funding issues everybody was after me last week.

Yes, the funding is in place for the project and that itself is not a issue. But SBG uses the same sub contractors for various other projects that they have been carrying out and these guys have literally stopped working/supplying as they havent been paid for ages.
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Old May 18th, 2016, 08:48 AM   #15014
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Quote:
Originally Posted by DFDalton View Post
Flashback to Post # 13916, Feb. 1, 2016:
Glad I didn't get banned from the site for that observation, like I was from that competing skyscraper "page" (which is moderated by Chicago homers who mark every Chicago project over 300 feet as "cool") when I said something similar about the Chicago Spire in early summer 2008. The site was obviously being cleared, I said, to put it into mothballs. Everyone else was sure they were leveling it for a foundation pour.
And what made you capable to predict that?
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Old May 18th, 2016, 10:40 AM   #15015
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Its technically not. When I mentioned about the funding issues everybody was after me last week.

Yes, the funding is in place for the project and that itself is not a issue. But SBG uses the same sub contractors for various other projects that they have been carrying out and these guys have literally stopped working/supplying as they havent been paid for ages.
Now you are saying it more accurately. The funding is not an issue

But, last week you said it like financing was a real problem and that's why ..

Anyway, Even when they are the largest construction organization in the Middle East (Yes larger than Emaar) don't worry about SBG, there are plenty of others inside and outside KSA. SBG are responsible of tracking the schedule and I have no doubt they will be able to track it easily
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Old May 18th, 2016, 04:54 PM   #15016
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Floor count anyone?
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Old May 18th, 2016, 06:08 PM   #15017
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Old May 18th, 2016, 07:04 PM   #15018
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18.5.2016





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Old May 18th, 2016, 08:17 PM   #15019
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And what made you capable to predict that?
Keen observation skills and a total lack of vested interest in the project.
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Old May 18th, 2016, 11:30 PM   #15020
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what is the point of building a 1 kilometer tower in the middle of an area with thousands of unused acres? So are they building it so tall to draw in tourism? Just to say they have the biggest one?

Just curious because it seems very uneconomical to build so tall in a location like this. The land value to cost to build ratio is very high.
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