Kingdom Holding announces signing of an agreement to complete the Jeddah Tower worth 7.2 billion riyals

Kingdom Holding Company announced that Jeddah Economic Company (an affiliated company) has signed an agreement under which the construction work of the Jeddah Economic Company Tower project will be completed with the Saudi Binladin Group Company.

According to the company, the contract value is 7.2 billion riyals, “about 1.1 billion riyals were previously paid as part of the total value of the completed construction work for the tower.”

Kingdom Holding Company stated that the implementation period for the tower is 42 months, and that Jeddah Economic Company will finance the completion of the construction work for the tower through self-financing sources and bank facilities.

The Jeddah Economic Company Tower will be the tallest in the world, with a height of more than 1,000 meters. The construction of 63 floors out of a total of 157 floors has been completed.

The tower will also be part of the first phase, which covers an area of ​​1.3 million square meters, out of the total area of ​​Jeddah Economic City, which is approximately 5.3 million square meters. Meanwhile, the infrastructure works for the entire land of the first phase of the project, which covers 1.3 million square meters, have been completed, including electricity, water, sewage, flood drainage, and high-speed internet.