Dubai

Saudi’s Kingdom Holding, Alinma plan $2.2 bln fund for tallest building

DUBAI: Saudi Arabia’s Kingdom Holding , the investment firm of billionaire Prince Alwaleed bin Talal, said its affiliate Jeddah Economic Co (JEC) had arranged financing to complete construction of the world’s tallest building.

JEC agreed with Alinma Bank to establish an 8.4 billion riyal ($2.2 billion) real estate development fund that will finish work on the $1.2 billion Kingdom Tower in Jeddah, Kingdom Holding said in a statement on Sunday, 26 floors of which have been built so far.

The Islamic fund will also develop the 1.5 sq km (0.6 sq miles) first phase of the Jeddah Economic City project, an urban development scheme sprawling over 5.3 sq km. In addition to Kingdom Tower, the scheme is to include Saudi Arabia’s largest shopping mall.

Kingdom Holding owns about a third of JEC, while Jeddah-based Abrar Holding owns a similar stake. The main contractor for the tower, Saudi Binladin Group, and Kilaa Jeddah Co each own about 16.6 percent.

Alinma Bank will finance the new fund, which is to be managed by Alinma Investment, Kingdom added without elaborating on how the money would be raised.

Get more of real estate

Subscribe to our mailing list and get interesting real estate stuff updates to your email inbox.

Latest Price Performance of Indian Real Estate Companies Stocks

Comments
To Top

Get daily real estate updates
in your inbox

Subscribe to our mailing list and get daily real estate updates to your email inbox.