“Sumou Holding”, “Kingdom Holding” establish an alliance to acquire the tallest tower in the world

Today, Sunday, it was announced that an alliance was established to acquire the Alinma Jeddah Economic Fund at a value of 6.8 billion riyals, in the presence of Prince Alwaleed bin Talal bin Abdulaziz Al Saud, Chairman of the Board of Directors of Kingdom Holding Company, and Ayed bin Farhan Al-Qahtani, Chairman of the Board of Directors of Sumou Holding Company.

In the new fund to be established, the alliance includes “Sumou Holding Company”, the continuation of “Kingdom Holding Company” with a 40% share, and the Jeddah Economic Company with 4.1%.

It is noteworthy that the Alinma Jeddah Economic Fund owns the “Jeddah Tower”, which, upon completion of its construction, will be the tallest in the world – God willing – as the area of ​​the tower’s land and adjacent lands is 1.7 million square metres.

The multi-use “Jeddah Tower” includes the Four Seasons Hotel, in addition to a shopping mall, commercial offices and luxury residential units. The lands adjacent to the tower, which are part of the acquisition agreement, also contain towers, residential and commercial complexes, and shopping areas, in addition to entertainment and tourism areas and international hotels.

It is expected that the “Jeddah Tower” will be a global attraction for many visitors and investors. Which enhances the local economy and provides new job opportunities. The tower is a valuable addition to the city of Jeddah and the Kingdom in general. Which contributes to strengthening the position of the city of Jeddah as a global economic and tourism center.