Kingdom Holding Company announced an agreement for Jeddah Economic Company’s tower construction to be completed by Saudi Binladin Group, at a total cost of approximately SAR7.2 billion.
A company press release said approximately SAR1.1 billion had previously been paid toward completed construction. The execution period is 42 months, and Jeddah Economic Company will finance the remaining works through internal funds and bank facilities.
The world’s tallest tower
The planned tower will exceed 1,000 meters in height.
Sixty-three of its 157 floors have been constructed.
It forms part of the 1.3-million-square-meter first phase of Jeddah Economic City, whose total area is approximately 5.3 million square meters.
Infrastructure for the entire first phase has been completed, including electricity, water, sewage, flood drainage and high-speed internet.
Founded in 1980 and listed on the Saudi stock market since 2007, Kingdom Holding is a global investment company active across 18 sectors, including hotels and management, real estate, digital media, entertainment, financial and investment services, e-commerce, petrochemicals, education, healthcare, aviation, transport and alternative finance.
Source: Kingdom Holding Company.
