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Old July 30th, 2016, 04:53 PM   #15441
noir-dresses
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Quote:
Originally Posted by RafiAnsari View Post
People on this thread must be really really dumb. How many f times do we have to tell that this Tower has already been f financed and the price of oil falling won't affect it!
Excuse our ignorance, once we dummy's hear, and visually see the project is having financial issues/problems we tend to think it's because of the Kingdom's slowdown in oil revenue. Glad to hear your diverse economy, and developers are on top of it. We will be eagerly watching, and anticipating it's completion in the coming years.

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Old July 30th, 2016, 07:53 PM   #15442
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Actually the project itself will not be effected by the oil price.
The Saudi bin laden group which they are the constructor has some issues! The oil price is one of these issues, but they are getting better these days.
So the slow progress is not related only to the oil price absolutely. It is related to the bin laden group issues.
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Old July 30th, 2016, 08:13 PM   #15443
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I'm not an expert on real estate finance, but I'm fairly certain Kingdom Holding Company didn't just set aside a few billion in a checking account. The money is drawn from their diverse investments, which are all affected by the economy at large. Oil prices play a significant role there. Also, I'm willing to bet petrochemicals make up a large percentage of the KHC portfolio.

noir-dresses brings up an interesting point about the deteriorating geopolitical situation in SA and the Middle East. Not sure how much a multinational company is influenced by that sort of thing, but it can't be good.

That said, we're all rooting for this thing to be completed.
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Old July 30th, 2016, 08:18 PM   #15444
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Old July 30th, 2016, 09:30 PM   #15445
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Well the people building this are billionaires several times over, so they can pay if out of pocket. The economy should not matter at this point. The only mistake here would be if they are using foreign workers. If they are, than that money will be leaving Saudi Arabia, that's why it's important to use native workers so that the money stays home, and cycles back into the economy. This entire project, with the surrounding city, should be profitable for Saudi Arabia, just like these kind of projects are profitable in New York, Hong Kong, and every other city, because there they use native workers, and all the money invested just gets cycled back into the local economy.

So in the long term what will determine if this project is profitable or not depends on how many of the workers are native or foreign, and also by how easy will it be for foreigners with money to buy up property there as well. You want local workers, but foreign investors. You want money coming in, not leaving out.
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Old July 31st, 2016, 02:25 AM   #15446
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Those so called 'billionaires' all also depended on the world economy. If's there a crisis it effects them the most. Look at the global crisis of 2008 and the position of Russian billionaires after 2014. Most Saudi billionaires are almost exclusively depending on oil dollars. So of course the oil prices affect this kind of projects.

Quote:
This entire project, with the surrounding city, should be profitable for Saudi Arabia, just like these kind of projects are profitable in New York, Hong Kong, and every other city, because there they use native workers, and all the money invested just gets cycled back into the local economy.
Towers of this size are not profitable. Skyscrapers were originally a reaction to ground prices. But here they are building towers in empty deserts. In Dubai and Saudi Arabia these towers are used as a landmark to jack up property prizes of the surrounding area. We will see if works out or not. Saudi Arabia is not the best place for foreign investors because of idiotic islamic regime. So it's very questionable if it will be beneficial. Don't forget: buildings itself do not make economy, it's whats that inside that matters. And just building a tower does not make company's necessary to occupy the buildings.
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Old July 31st, 2016, 06:39 AM   #15447
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I hear the Bin Laden Group is under pressure from the government over the Mecca crane collapse, so maybe that is one of the issues. As for suggesting the project needs Saudi workers... Please, if you can find me one Saudi citizen in the whole country who is prepared to work as a construction labourer then I'll finance the project myself!
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Old July 31st, 2016, 08:09 AM   #15448
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Quote:
Originally Posted by Aesthetics of Otara View Post
I hear the Bin Laden Group is under pressure from the government over the Mecca crane collapse, so maybe that is one of the issues. As for suggesting the project needs Saudi workers... Please, if you can find me one Saudi citizen in the whole country who is prepared to work as a construction labourer then I'll finance the project myself!
I can, please me send money
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Old July 31st, 2016, 12:36 PM   #15449
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Quote:
Originally Posted by Aesthetics of Otara View Post
I hear the Bin Laden Group is under pressure from the government over the Mecca crane collapse, so maybe that is one of the issues. As for suggesting the project needs Saudi workers... Please, if you can find me one Saudi citizen in the whole country who is prepared to work as a construction labourer then I'll finance the project myself!
That just shows you that the poster has never been in the KSA, and doesn't know the way things are run over there. What he actually said is normal in a normal world where the locals actually work in there home country.

BTW no company in the KSA is diverse enough to be non reliant on oil because the people who pay them most likely are.

One austerity I feel sorry for are the younger generation in the KSA who now won't have their government pay for there education abroad, that has also been cut drastically due to declining oil revenue.
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Old July 31st, 2016, 01:18 PM   #15450
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Hi, Im miguel from Spain, I love this building, keep on posting new pics, thanks!
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Old August 1st, 2016, 02:20 AM   #15451
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Some positive news in the KSA which should help trickle needed liquidity into the banking sector/economy, and hopefully this project.

Saudi Arabia Said to Have Offered $4 Billion to Banks

Saudi Arabia’s central bank offered lenders short-term loans in late June to help ease liquidity constraints

http://www.bloomberg.com/news/articl...ction-to-banks
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Old August 1st, 2016, 11:46 AM   #15452
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Does anybody know when the Cladding will be added?
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Old August 1st, 2016, 12:17 PM   #15453
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Old August 1st, 2016, 12:26 PM   #15454
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There are no native construction workers in saudi, they only take engineering and manegment jobs in that field as far as i know...
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Old August 1st, 2016, 01:16 PM   #15455
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Kingdom Tower.. Amazing.. Imperial Tower is the Tallest building in our Country..
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Old August 1st, 2016, 09:26 PM   #15456
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India is calling back 10.000 workers who are exploited by SA, no food and no money.

people should deny this topic-tower its scandalous
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Old August 1st, 2016, 10:09 PM   #15457
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Quote:
Originally Posted by wespje1990 View Post
India is calling back 10.000 workers who are exploited by SA, no food and no money.

people should deny this topic-tower its scandalous
Here's the CNN report regarding the sad news of Indian labor. It's come to the point where people have not been paid, they have little food, or water, and no means to get home because their passports have been taken away, plus no paid return ticket.

The Indian government should just get all the nationals out of the KSA, and by law make it illegal from them to go there any more. Any way the Indian economy is picking up while the KSA is in a mess they cant fix in the short term.

This is why I'm saying it will be a miracle if this building gets completed.

BTW oil has dropped again today, plus the KSA are undercutting the price of oil to Asia so they don't lose market share to the Iranians. This problem will not get any better soon.

For those who want to see how oil is dropping here's a link,

https://www.dailyfx.com/crude-oil

http://money.cnn.com/2016/08/01/news...p-toplead-intl
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Old August 2nd, 2016, 12:03 AM   #15458
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Demuan0 Enjoyed your picture.
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Old August 2nd, 2016, 04:42 PM   #15459
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nice work done
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Old August 2nd, 2016, 04:42 PM   #15460
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Quote:
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Tried for you) Used photo from 22/07/2016
Great
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