Many businesses in the UK are using the troubling economic time to scale back operations and many commercial property development plans are being downgraded. However, this is not the case across the globe and the Middle East appears to be a completely different kettle of fish to Europe.
The Middle East commercial property market continues to develop at a pace with many companies and indeed countries, looking to outdo each other by completing marquee commercial property developments, which illustrate their prosperity.
The most recent marquee commercial property development to get started is the Kingdom Tower, in Saudi Arabia. The proposed sky scraper has been approved for construction in Jeddah, Saudi Arabia. It will be the centrepiece and first phase of a US$20 billion new development known as Kingdom City located along the Red Sea on the north side of Jeddah.
Upon completion the Kingdom Tower will have the privilege of being the world’s tallest tower, measuring in at a whopping two thirds of a mile high. The buildings primary function will be to house a Four Seasons hotel and will also include grade A office space and luxury apartments.
Regarding the Kingdom Tower, the Telegraph wrote: ‘The plans make Saudi Arabia a front-runner in the race between the oil-rich Gulf nations for glitzy, architectural trophies that dot their desert territories with glimmering skyscrapers and elaborate, man-made islands. The projects are seen as status symbols to show off economic success.’
Talal Al Maiman, a board member of KHC and the Jeddah Economic Co, said: ‘The decision of the partners to build the world’s tallest building further demonstrates their belief in investing in this nation…We intend Kingdom Tower to become both an economic engine and a proud symbol of the Kingdom’s economic and cultural stature in the world community. We envision Kingdom Tower as a new iconic marker of Jeddah’s historic importance as the traditional gateway to the holy city of Mecca.’
With competition between nations being very fierce in the Middle East, it will be very interesting to see if Dubai hits back with another commercial property development of its own.
Previous Post
Manchester Commercial Property Market On The Rise
