When Saudi Arabia’s Kingdom Holding announced Emaar would help build the world’s tallest tower in Jeddah, the news sent its stock soaring on the promise that the UAE property giant would lead a revival of fortunes for the industry.

Three days later, it seems the celebration may have been premature. After days of silence, Emaar on Monday released a statement saying contract negotiations to build the 100 billion riyal (Dh98.06bn) Kingdom City have yet to be finalised. Amid the confusion, Emaar’s stock made a quick retreat.

The National