Kingdom Holding Company (KHC) announced that Jeddah Economic Company (JEC) has signed a construction contract with Saudi Binladin Group to resume the construction of its key development project—the Jeddah Economic Company Tower.
A statement received by the Saudi Stock Exchange stated: “Kingdom Holding Company announced that its affiliate, Jeddah Economic Company, has signed an agreement to complete the construction of the Jeddah Economic Company Tower.” The project contract amount is 7.2 billion Saudi Riyals, approximately $1.92 billion. The contract duration is 42 months. The project is designed to exceed a height of 1,000 meters, with a total of 157 floors, and upon completion, it will surpass the Burj Khalifa in Dubai, becoming the new tallest building in the world.
Saudi billionaire Prince Alwaleed bin Talal announced the resumption of work on social media, stating, “We are back,” along with an artistic rendering of the completed tower. The project is currently completed up to 63 floors. This project is a key component of the first phase of the Jeddah Economic City (JECC) development, which covers an area of 1.3 million square meters. The total developed area of Jeddah Economic City is 5.3 million square meters, including commercial centers, shopping malls, leisure centers, financial districts, and residential areas. The infrastructure for the first phase has now been completed. It is reported that Jeddah Economic Company will fund the remaining construction of the tower through internal financing and bank financing. The statement from the exchange added: “The tower will be part of the first phase of 1.3 million square meters within the total area of approximately 5.3 million square meters of Jeddah Economic City.”
“The infrastructure construction for the entire first phase of the project has been completed, covering an area of 1.3 million square meters and including essential facilities such as power, water, sewage, drainage, and high-speed internet connectivity.” The final details of the tower have not yet been announced, but it is reported that the completed building will include a Four Seasons Hotel, offices, and luxury residential properties. The tower is designed by Adrian Smith, the American architect behind the Burj Khalifa in Dubai.
