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KINGDOM

02 October, 2024 15:33

Kingdom Holding Company announces that Jeddah Economic Company - an Associate company has signed an agreement to complete the construction works of the Jeddah Economic Company Tower

Element ListExplanation
Introduction Kingdom Holding Company (KHC) hereby announces to its shareholders that Jeddah Economic Company, an associate company, has signed an agreement with Saudi Binladin Group Company to resume the construction of Jeddah Economic Company Tower project.
Date of the Award 2024-10-02 Corresponding to 1446-03-29
Counterparty Jeddah Economic Company (an Associate of Kingdom Holding Company) and Saudi Bin laden Group Company
Contract Value SAR 7.2 billion (out of which around SAR 1.1 billion has been already paid for construction works previously completed on the tower)
Expected Date for Signing the Contract 2024-10-02 Corresponding to 1446-03-29
Contract Details The total value of this agreement amounts to SAR 7.2 billion (out of which around SAR 1.1 billion has been already paid for works previously completed on the tower), with an anticipated construction period of 42 months. Jeddah Economic Company will finance remaining construction of the tower through internal funding and banking facilities.
Related Parties N/A
Additional Information The Jeddah Economic Company Tower, will be the world's tallest structure at over 1000 meters, has seen the completion of 63 floors out of the total 157. The tower will be part of the first phase of 1.3 million square meters of the total area of Jeddah Economic Company City, which is approximately 5.3 million square meters. The infrastructure development for the entire first phase, spanning 1.3 million square meters, has been executed, containing essential amenities such as electricity, water, sewage, flood drainage, and high-speed internet connectivity.

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