Jeddah’s Kingdom Tower, set to become the world’s tallest building, will be completed in 63 months, according to Kingdom Holding Company ( KHC ) Chairman Prince Alwaleed bin Talal.
His remarks came as the Jeddah Economic Company (JEC) yesterday announced a capital increase from SR7.3 billion to SR8.8 billion for the mega project that includes the 1,000m high Kingdom Tower.
Prince Alwaleed, who initiated and has been the driving force behind the decision to build the tower, announced an investment of SR1.5 billion from the Saudi Binladin Group ( SBG ) for a 16.63 percent stake in Jeddah Economic Company, owner of the Jeddah mega project.
The Kingdom Tower will be the centerpiece and the first construction phase of Kingdom City Jeddah — new urban development of more than 5.3 million sq m of land in the north of Jeddah, overlooking the Red Sea and Obhur Creek.
The contract for construction of the tower was signed with SBG for SR4.6 billion ($1.2 billion) and the overall estimated cost of the entire Kingdom City Jeddah project is anticipated to be SR75 billion ($20 billion).
The Jeddah Economic Company was set up in 2009 to develop the Kingdom City . Its partners are Kingdom Holding Company (a stake of 33.35 percent), Saudi Binladin Group with (16.63 percent stake), Abraar International Holding Company represented by Samaual Bakhsh (33.35 percent stake) and prominent Jeddah businessman Abdulrahman Hassan Sharbatly (16.67 percent stake).
The final license to construct the tower was formally received from the Jeddah municipality on Feb. 19.