The record-breaking project was announced in 2011 with completion projected for 2014.
Jeddah tower situated beside the Red Sea is to rise over one kilometre (almost 3,300 feet).
Visiting the site Thursday Prince Waleed rode the on-going project to 30 floors giving a bird’s eye view of Jeddah.
“The project was delayed… but it’ll open (in) 2019,” he told AFP.
This is the second time the billionaire Prince announces delay in the project. In 2014, initial date for completing the tower, Waleed announced that the world’s tallest building would be completed in 2018.
In 2015, Waleed’s Kingdom Holding Co and Jeddah Economic Company signed a financing deal with Saudi Arabia’s Alinma Investment to finish the Jeddah Tower after contractor Saudi Binladin Group was hit in 2014 by financial crisis due to oil price collapse.
Binladin Group was launched 80 years ago by father of al-Qaeda founder Osama Bin Ladin. The company has carried out several other prominent projects in Saudi Arabia.