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Old November 5th, 2017, 11:04 AM   #17501
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oh dear
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Old November 5th, 2017, 11:24 AM   #17502
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So is it officially on hold now?

Quote:
Originally Posted by JMR75 View Post
The crown prince has his own project for 3 shining cities in the desert, so in his vision for Saudi Arabia there's no place for a competing development such as Jeddah Tower.
I don't think JT would have been too much of a competition though. More like free advertisement for the country. In the West, Saudi Arabia has a PR problem and if they want more tourism with opening up, the more projects to get the word out how Saudi Arabia promises to change, the more people may come.
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Old November 5th, 2017, 12:00 PM   #17503
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The construction of this tower is terrible, it has too much problems!! So... on hold?
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Old November 5th, 2017, 12:00 PM   #17504
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A real-life Game of Thrones going on in SA...?
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Old November 5th, 2017, 12:56 PM   #17505
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I wouldn't designate this as On Hold until we get an official announcement, or some time has passed. It took two months without progress before we declared 106 Tower in Dubai On Hold, and a year-and-a-half for World One in Mumbai. Until there's a verifiable and significant halt in the construction, I'd be wary with the status changes. Then again, with the construction pace this tower has had recently, it's going to be really hard to tell if construction has stopped or not, unless they start disassembling cranes.
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Old November 5th, 2017, 02:10 PM   #17506
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Who knows, the tower might be built faster now. Now that the prince has been designated an evil, corrupt and probably kitten-killing criminal, his assets might be seized and the flawless shining beacon of incorruptable morality and integrity, the crown prince, might take over.
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Old November 5th, 2017, 02:13 PM   #17507
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We'll see what will happen the next weeks.

But nevertheless this could mean that Dubai Creek Tower may reach the 1000m mark before this one.
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Old November 5th, 2017, 02:23 PM   #17508
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Actually, I don't think it is going to be affected at all. But, let's wait see
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Old November 5th, 2017, 03:12 PM   #17509
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Bad news!!!!Gods bless Jeddah Tower!!!!!!!!!!!!Be sure to finish
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Old November 5th, 2017, 04:10 PM   #17510
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Well. The person in charge has been arrested, but that does not mean that his company stops existing, or that it is reduced to bankruptcy.


Running business will continue as far as possible.
Unless some court orders the company to do so, but this is not likely.
Too many people are dependent on the business for their income, etc.


I don't know any specifics about the economy in SA, but above seems logic to me.
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Old November 5th, 2017, 04:38 PM   #17511
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He won't be looked up in jail or something. But, I think he will pay an amount of money in a court

Some source says $854 million according to Forbes

http://www.masrawy.com/news/news_eco.../11/5/1185272/

BTW, the tower itself is already fully financed a long time ago. "So, there is no possibility of stopping construction"
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Old November 5th, 2017, 04:42 PM   #17512
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Money laundering is one of the charges.. and if JT is built using that type of money then it might be a problem... right?

Last edited by GulfArabia; November 5th, 2017 at 08:36 PM.
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Old November 5th, 2017, 04:43 PM   #17513
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Quote:
Originally Posted by fayzoon View Post
BTW, the tower itself is already fully financed a long time ago
Question remains of any of the laundered money went into this tower, or the tower was used to launder money. In that case, I wouldn't count on the "fully financed" sum for squat.

Actually, I'm not sure if I believe it either way. If all the financing has been in order since the beginning, how could the construction be so massively delayed at this stage? Wasn't the tower originally supposed to be finished by next year?
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Old November 5th, 2017, 04:44 PM   #17514
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So: the Tower is safe !
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Old November 5th, 2017, 04:48 PM   #17515
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Quote:
Originally Posted by GulfArabia View Post
Money laundering is one of the charges.. and if JT is built using that type of koney then it might be a problem... right?
Even so, there is no way of stopping at this point. Maybe another company. Or maybe the government itself will interfere. Who knows?

Let's wait and see what will happen

To be honest, I hope they will change Bin Ladin Group because they are seriously slow
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Old November 5th, 2017, 04:50 PM   #17516
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Quote:
Originally Posted by Kyll.Ing. View Post
Question remains of any of the laundered money went into this tower, or the tower was used to launder money. In that case, I wouldn't count on the "fully financed" sum for squat.

Actually, I'm not sure if I believe it either way. If all the financing has been in order since the beginning, how could the construction be so massively delayed at this stage? Wasn't the tower originally supposed to be finished by next year?
Bin Ladin Group had a financial crisis lately (and still not recovered)
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Old November 5th, 2017, 04:53 PM   #17517
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Yes.


But another possible contractor like Besix, will probably be occupied with the construction of Dubai Creek Tower (contract to be granted soon).


Maybe Samsung? or ...?
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Old November 5th, 2017, 05:04 PM   #17518
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I am still in shock of all the arrests that happened yesterday, still too early to know what will happen here but I am hoping it will be solved swiftly and this tower won't be delayed much. As fayzoon said, Let's wait and see what will happen
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Old November 5th, 2017, 05:50 PM   #17519
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Quote:
Originally Posted by fayzoon View Post
Bin Ladin Group had a financial crisis lately (and still not recovered)
Then slowing down a construction project is pretty much the worst thing they can do. Delays cost a lot of money, and if the delay is the fault of the contractor, then the contractor will carry the cost. It makes sense to downscale the construction process if the owner is in temporary trouble, since fewer people on site will require less pay in wages (note that this only delays the costs instead of reducing them), but the contractor should not have any reason to reduce the tempo unless he's in a position where he can't pay his workers. Even if the contractor is expecting to lose money on a job, it would be more sensible to keep the tempo up and get out of the expensive contract by finishing as soon as possible.

Another possibility is, of course, that the owner has been duped into an extremely disadvantageous contract, where he will bear the costs of a delay caused by the contractor, but I doubt a project on this scale would commit such a basic blunder with the contracts.
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Old November 5th, 2017, 06:01 PM   #17520
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Quote:
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Bad news!!!!Gods bless Jeddah Tower!!!!!!!!!!!!Be sure to finish
Naki, your country has more supertalls than all other countries combined, why you worried so much about particularly this one?
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