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New projects planned within Jeddah Economic City after the tower’s completion, says Prince Alwaleed
The Chairman of Saudi-listed Kingdom Holding Company (KHC) Prince Alwaleed bin Talal has confirmed that several banks are willing to fund the Jeddah Economic Company Tower project and its related infrastructure work.
Work resumed on the world’s tallest tower on Wednesday, he told Al Eqtisadiah, an Arabic daily, after its associate company Jeddah Economic Company (JEC) signed an agreement with Saudi Binladin Group to resume the construction.
New projects will be launched in a four million square meter area within Jeddah Economic City after the tower’s completion, the report said, quoting Prince Alwaleed without giving details.
The total contract value for the tower is 7.2 billion Saudi riyals (nearly $2 billion), out of which around SAR1.1 billion ($293 million) has already been paid for works previously completed, KHC said in a bourse statement on Wednesday.
The Jeddah Economic Company Tower has seen the completion of 63 floors out of the total 157, with construction expected to be completed over a period of 42 months.
The Jeddah Economic Company Tower will be part of the 1.3-million square metre (sqm) first phase of the Jeddah Economic Company City, which is approximately 5.3 million sqm.
The infrastructure development for the entire first phase, spanning 1.3 million sqm, has been executed, including electricity, water, sewage, flood drainage networks, and high-speed internet. |
