Kingdom Holding announces termination of agreement to establish new fund worth 6.8 billion riyals

Kingdom Holding Company announced the termination of the agreement to establish a fund worth 6.8 billion riyals to acquire the Jeddah Economic Development Fund, currently wholly owned by Jeddah Economic Company, and signed between it and Sumou Holding and Jeddah Economic Company (an affiliate company) without any obligations on any of the parties, due to the lack of the basic purpose of establishing the fund.

According to the company’s statement on “Tadawul”, the Jeddah Economic City Development Fund, wholly owned by Jeddah Economic Company (an affiliate company), remains in place to continue supporting the successful development of the project.

It noted that the fund’s main asset, the Jeddah Economic Company Tower, is witnessing remarkable progress, as the Bin Laden Group was reappointed and work on the project resumed rapidly, and then the technical team and consulting engineers were appointed and started on site, in addition to pouring concrete for the 64th floor.