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Construction of Jeddah Tower, the World’s Tallest Skyscraper, Resumes After Seven-Year Hiatus

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Construction on Jeddah Tower, set to become the world’s tallest skyscraper, has resumed after a seven-year hiatus, with the project now expected to be completed by 2028. The tower, located in Jeddah, Saudi Arabia, was originally halted due to a kingdom-wide anti-corruption purge in 2017 that targeted high-profile figures involved in the project.

At a ceremony held this week, the Jeddah Economic Company (JEC), the development consortium overseeing the project, confirmed that construction is back on track. The 1,000-meter-tall (3,280 feet) tower was one-third complete before work stopped, with 63 of the planned 157 stories built. The project, which had its groundbreaking in 2013, aims to surpass the Burj Khalifa in Dubai, currently the tallest building in the world at 828 meters (2,717 feet).

Reasons for the Hiatus

The tower’s construction was disrupted after several key figures connected to the project were implicated in Crown Prince Mohammed bin Salman’s anti-corruption drive. Among those detained were Prince Alwaleed bin Talal, chairman of Kingdom Holding Company, a major backer of the tower, and Bakr bin Laden, chairman of the Saudi Binladen Group, the project’s main contractor. Both individuals have since been released, with Bakr bin Laden’s family firm re-hired to complete the skyscraper.

The Covid-19 pandemic further delayed the resumption of work. However, satellite imagery in recent months indicated that preliminary construction had quietly resumed, leading to the official restart announcement.

Vision and Design of Jeddah Tower

Designed by Adrian Smith, the US architect behind the Burj Khalifa, the tower features a three-petal footprint and a tapered, aerodynamic structure meant to overcome the challenges of extreme height. The design evokes “a bundle of leaves shooting up from the ground,” according to Adrian Smith + Gordon Gill Architecture, the firm responsible for the project.

The skyscraper will serve as the centerpiece of a larger development called Jeddah Economic City, a 57-million-square-foot, $20-billion complex featuring residential, office, and retail spaces. It is also expected to house a hotel, a shopping mall, and the world’s highest observation deck. The tower will feature 59 elevators in one of the world’s most sophisticated elevator systems.

Saudi Arabia’s Ambitious Vision

Jeddah Tower is a key element of Saudi Arabia’s broader plans to position itself as a global economic hub. JEC’s Hisham Jomah, who was involved in the early stages of the project, described it as a shift in the mindset of Jeddah, traditionally seen as a gateway city to Mecca and Medina. The tower is part of the kingdom’s strategy to modernize and diversify its economy under Crown Prince Mohammed bin Salman’s Vision 2030.

Although the project has faced significant delays, officials and developers are optimistic that its completion will have a transformative impact on the region.

Malaysia’s PM Anwar Ibrahim Intensifies Anti-Corruption Efforts as Country Courts Investment

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As Malaysia approaches the second anniversary of Prime Minister Anwar Ibrahim’s leadership, his battle against corruption remains at the forefront of his administration’s agenda. Anwar has been unwavering in his determination to address corruption, viewing it as a major obstacle to securing foreign direct investment (FDI) and boosting investor confidence.

“We have to save the country. To my mind, the major problem is poor governance and endemic corruption,” Anwar stated in an interview JP Ong. He emphasized that transparent processes and a strong commitment to eradicating corruption are essential for instilling confidence among both domestic and foreign investors. “Without that trust [and] confidence, nobody will invest in a big way,” he added.

While acknowledging progress in the fight against corruption, Anwar stressed that the mission is far from over. He described corruption in Malaysia as “almost systemic” and vowed to pursue his anti-corruption campaign with “full force.”

Despite ongoing efforts, Malaysia’s FDI inflows dropped to 40.4 billion Malaysian ringgit ($9.7 billion) in 2023, a decrease from 48.1 billion ringgit in 2021. Furthermore, the country lost an estimated 277 billion ringgit in economic output due to corruption between 2018 and 2023. When asked if the government was being too aggressive in its crackdown, Anwar expressed frustration: “Damn it … I would just go after them without mercy.” However, he clarified that he must balance his actions with coalition discussions to ensure a thoughtful, effective approach.

Anwar refrained from addressing specific corruption cases during the interview, but the shadow of the infamous 1Malaysia Development Berhad (1MDB) scandal, which saw former Prime Minister Najib Razak convicted of embezzlement, looms large in Malaysia’s fight for good governance.

In May 2024, Malaysia launched a new national anti-corruption strategy, aiming to elevate the country’s standing in Transparency International’s Corruption Perception Index. Currently ranked 57th, Malaysia aspires to break into the top 25 over the next decade.

While the country’s economy expanded by 5.1% in the first half of 2024, growth has slowed compared to the 8.7% surge seen in 2022. Nonetheless, Malaysia is moving forward with ambitious plans to attract investment, including the development of two special economic zones: the Johor-Singapore Special Economic Zone and the Forest City special financial zone. The latter aims to transform Iskandar Puteri into a thriving business district, offering incentives such as a zero-percent tax rate for family offices, which the government hopes will draw significant investment.

 

Sri Lankans Elect Marxist-Leaning Anura Kumara Dissanayake as President to Tackle Economic Crisis

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On Sunday, Sri Lankans elected Marxist-leaning politician Anura Kumara Dissanayake as their new president, placing their trust in his pledge to combat corruption and revitalize the economy following the nation’s worst financial crisis in decades. Dissanayake, 55, who lacks the political pedigree of some of his opponents, led throughout the vote count, ousting incumbent President Ranil Wickremesinghe and opposition leader Sajith Premadasa.

“We believe that we can turn this country around, build a stable government, and move forward. For me, this is not just a position; it’s a responsibility,” Dissanayake said after his victory, which was confirmed after a second tally of votes. He garnered 42.3% of the votes, or 5.6 million ballots, a significant surge compared to the 3% he received in the 2019 election. Premadasa finished second with 32.8%, while Wickremesinghe came in third with 17%.

This election was a referendum on Wickremesinghe, who led Sri Lanka through its fragile economic recovery. However, his austerity measures, a cornerstone of the recovery tied to a $2.9 billion International Monetary Fund (IMF) bailout, angered many voters. Wickremesinghe conceded defeat graciously, stating, “Mr. President, here I hand over to you with much love the dear child called Sri Lanka, whom we both love very dearly.”

The election marked the first time in Sri Lanka’s history that a second tally of votes determined the winner, after no candidate secured the mandatory 50% of votes in the first round. Voters cast three preferential votes, and if no candidate wins outright, a second count between the top two candidates decides the outcome. About 75% of Sri Lanka’s 17 million eligible voters participated in the election.

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The election comes in the wake of a severe economic crisis that left Sri Lanka unable to import essential goods like fuel and medicine in 2022, prompting mass protests and the resignation of then-President Gotabaya Rajapaksa. Dissanayake campaigned as a candidate of change, pledging to dissolve parliament within 45 days and seek a fresh mandate in general elections to implement his policies.

“The election result clearly shows the uprising of 2022 is not over,” said Pradeep Peiris, a political scientist at the University of Colombo. “People have voted in line with aspirations for different political practices and institutions. AKD [as Dissanayake is popularly known] reflects these aspirations, and people have rallied around him.”

Dissanayake’s manifesto, which includes slashing taxes, has concerned some investors, as it could affect the IMF’s fiscal targets and a planned $25 billion debt restructuring. However, he assured voters during his campaign that all changes would be made in consultation with the IMF and that Sri Lanka would remain committed to repaying its debt.

Sri Lanka’s economy has shown signs of recovery, with growth expected this year after three years of contraction, and inflation falling from a peak of 70% to just 0.5%. Despite this, millions of Sri Lankans remain in poverty, and the high cost of living remains a critical issue for many voters. Dissanayake, representing the National People’s Power alliance and his Janatha Vimukthi Peremuna (JVP) party, ran on promises of anti-corruption reforms and increased support for the poor, further boosting his appeal.

His new government must ensure that Sri Lanka stays on track with the IMF program until 2027, to stabilize the economy, attract investors, repay its debts, and lift millions of citizens out of poverty.

“Bad management has been the root cause of this country’s downfall. We strongly believe that if we have a good manager to lead, we can be successful in the future,” said Janak Dias, a 55-year-old real estate businessman.