The project contractor Saudi Binladin Group was among construction firms in the kingdom that suffered financially after a collapse in oil revenues from 2014.
The company, which developed other prominent buildings in Saudi Arabia, was founded more than 80 years ago by the father of deceased Al-Qaeda leader Osama bin Laden.
Alwaleed first announced plans for the tower in August 2011, saying it would take 36 months to build after the start of construction.
By November 2014, a four-storey foundation was in place and Alwaleed said the building would be finished in 2018.
In November 2015, Kingdom Holding said Jeddah Economic Company had reached a financing deal with Saudi Arabia's Alinma Investment to finish the Jeddah Tower, which then had 26 floors.
Alwaleed on Thursday rode a construction elevator about 30 floors to meet reporters in the concrete shell of the building, which already offers spectacular views over the rest of Jeddah and the adjacent sea.
Kingdom Holding has shares in the Euro Disney theme park, Apple, News Corporation and US banking giant Citigroup, among other firms.