Kingdom Holding Company, whose board of directors is chaired by Prince Alwaleed bin Talal, will own 40 percent of the new fund, according to the company’s disclosure on Sunday to the Saudi Stock Exchange (Tadawul).
Moreover, Kingdom Holding Company expected to announce the financial impact of this agreement after Jeddah Economic Company completes measuring the financial impact in its accounting records.
Tower project
MEED Projects magazine reported at the end of 2022 that the Jeddah Economic Company had resumed work on the Jeddah Tower project. Moreover, it will be more than 1,000 meters tall. It is worthy to mention that its development delayed since 2013.
According to Dar Al Arkan, a real estate company, there was significant progress in the construction of the tower. However, in January 2018, the project’s owner halted work on the tower due to numerous issues faced by the contractors. At that time, only one-third of the tower had been completed, and construction was stopped at that point.
The planned tower is set to become the world’s tallest building. It will also include a 5-star hotel and commercial offices. Its estimated construction cost is around 75 billion riyals (20 billion dollars). Furthermore, it will be located along the Red Sea north of Jeddah, according to ‘Dar Al Arkan’.
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