A new real $2.2 billion estate fund will drive ongoing construction at the Kingdom Tower Jeddah and the surrounding development, slated to become the world’s tallest building upon its targeted completion in 2018.
Jeddah Economic Co., co-founded by Saudi billionaire Prince Alwaleed Bin Talal’s Kingdom Holding Co., is forming the 8.4 billion-riyal ($2.2 billion) real estate development fund with Saudi Arabia’s Alinma Bank, Bloomberg reports.
Jeddah’s Kingdom Tower compared with other megastructures.
According to a report in GlobeST.com, the fund will initially will be used to develop the 370-acre first phase of the Jeddah Economic City project and finish construction work on Jeddah Tower.
Prince Alwaleed bin Talal has not announced the final height of the tower, but an Arab News report said it will be “more than 1,000 meters (3280 feet) and is being built on an area of 85,000 sqm at a total cost of SR4.6 billion ($1.2b). It is estimated to be completed by 2018, and final specs of the project will be announced “closer to that date.”
Saudi Arabia’s second-largest city on the Red Sea will increasingly blend old and new. Jeddah’s historic district is a UNESCO World Heritage Site, with sites dating back to the 7th century. The Kingdom Tower Jeddah will be an ultramodern development with high-end shops, attractions, and a luxury hotel.
