Jeddah Economic Company (JEC) is set to sign a new agreement with Saudi Binladin Group to complete the construction of Jeddah Tower, slated to be the world's tallest building in the future, local media reported.

The deal, for Jeddah Tower (previously called Kingdom Tower) valued at more than SAR8bn ($2.13bn), is expected to be signed later October 2, according to the sources after several years of the half-finished building sitting on the skyline of the southern Arabian city.

Only 30% of the tower is complete, after sitting half-finished for several years, a cause of amusement for local residents, sources told Saudi newspaper Al Eqtisadiah on October 2.

Several local and international companies had previously expressed interest in competing for the project's completion after years of negotiations.

Jeddah Tower, planned to be at least 1,000 metres tall, has faced delays since construction was halted in January 2018.

Designed by US-based architecture firm Adrian Smith + Gordon Gill architecture, the skyscraper is set to stretch a kilometre (3,281 ft) into the sky in a shape said to be inspired by new palm fronds.

Work started in 2013, with the Jeddah-based Saudi Binladin Group as the main contractor. But construction was halted five years later when Bakr bin Laden, the company’s then-chairman and largest shareholder, was arrested in 2017 amid a corruption crackdown conducted by a new royal anti-corruption committee headed by the then-new Crown Prince Mohammed bin Salman.

In 2018, while under arrest, Bakr bin Laden transferred his stake in the company to the government of Saudi Arabia before his release in 2019.

Recently, a consortium was announced to acquire the Alinma Jeddah Economic Fund, valued at SAR6.8bn. The consortium includes Sumo Holding Company and Kingdom Holding Company, which owns a 40% stake in the fund that controls Jeddah Tower.

BNM Intellinews attempted to contact officials at Kingdom Holding Company and Saudi Binladin Group for comment but received no response.