Construction of the Jeddah Tower in Jeddah, Saudi Arabia—which is planned to be the world’s tallest building—is set to resume with original contractor Saudi Binladin Group Co. after a years-long pause, owner Jeddah Economic Co.'s parent company, Kingdom Holding Co., announced Oct. 2.

Kingdom Holding said it signed a new contract with Saudi Binladin worth $1.9 billion, including $292.8 million already paid for previously completed work. Construction is expected to take about 42 months.