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Kingdom Holding Company Tower Construction Resumes with $7.2 Billion Agreement
By KlickAnalytics Data Insights | October 2, 2024 12:04PM ET
- The agreement, valued at SAR 7.2 billion, will finance the completion of the world's tallest structure, reaching over 1000 meters in height.
- Construction is expected to take 42 months, with significant progress already made on the tower's 63 completed floors.
In a recent announcement, Kingdom Holding Company shared that its associate company, Jeddah Economic Company, has entered into an agreement with Saudi Binladin Group Company to resume construction on the iconic Jeddah Economic Company Tower. The contract, valued at SAR 7.2 billion, will cover the remaining work needed to complete the world's tallest structure, standing at over 1000 meters upon completion.
Having already completed 63 floors out of the total 157, the tower is set to become a monumental landmark in the Jeddah Economic Company City, spanning approximately 5.3 million square meters. The initial phase of this development, covering 1.3 million square meters, has been equipped with essential amenities like electricity, water, sewage, and high-speed internet connectivity to support the tower's infrastructure needs.
With an anticipated construction period of 42 months, Jeddah Economic Company will fund the remaining work through a combination of internal resources and banking facilities, marking a significant milestone in the progression of this ambitious project. Investors and stakeholders await the tower's completion as it signifies a major step forward in the development of Jeddah's urban landscape.
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