| Work Detail |
Agreement reached with Saudi Binladin Group Company to resume the construction of 1,000-metre Jeddah Economic Company Tower
Jeddah Economic Company (JEC) will resume construction of the worlds tallest tower in the Red Sea port city of Jeddah in Saudi Arabia, according to a bourse statement.
The Saudi-listed Kingdom Holding Company (KHC) said in a bourse statement that associate company JEC has signed an agreement with Saudi Binladin Group Company to resume the construction of Jeddah Economic Company Tower project.
The 1,000-metre tall Jeddah Economic Company Towe has seen the completion of 63 floors out of the total 157, the statements said, adding that the construction work is expected to be completed over a period of 42 months.
The total contract value is 7.2 billion Saudi riyals (nearly $2 billion), out of which around SAR1.1 billion ($293 million) has been already paid for works previously completed, the statement noted, adding that JEC will finance remaining construction of the tower through internal funding and banking facilities.
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. |
