Thursday, April 19, 2012

Kingdom Tower in Jeddah to be ready in 63 months

Kingdom Tower in Jeddah to be ready in 63 months

Updated Jeddah Saudi Arabia News about Kingdom Tower, set to become the world’s tallest building, will be completed in 63 months, according to Kingdom Holding Company (KHC) Chairman Prince Alwaleed bin Talal.

His remarks came as the Jeddah Economic Company (JEC) yesterday announced a capital increase from SR7.3 billion to SR8.8 billion for the mega project that includes the 1,000m high Kingdom Tower.

Prince Alwaleed, who initiated and has been the driving force behind the decision to build the tower, announced an investment of SR1.5 billion from the Saudi Binladin Group (SBG) for a 16.63 percent stake in Jeddah Economic Company, owner of the Jeddah mega project.

The Kingdom Tower will be the centerpiece and the first construction phase of Kingdom City Jeddah — new urban development of more than 5.3 million sq m of land in the north of Jeddah, overlooking the Red Sea and Obhur Creek.

The contract for construction of the tower was signed with SBG for SR4.6 billion ($1.2 billion) and the overall estimated cost of the entire Kingdom City Jeddah project is anticipated to be SR75 billion ($20 billion).