Mega Jeddah project’s progress reviewed


07/06/2012 07:43 AST

Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), received Jeddah’s Kingdom Tower investors at a dinner reception he hosted in their honor in Riyadh. Abdulrahman Hassan Sharbatly, Saleh Bin Laden, Samaual Bakhsh, as well as Talal Al-Maiman, executive director, Development and Domestic Investments, chairman and CEO of Kingdom Real Estate Development Company (KRED), a board member of Kingdom Holding Company and a board member of Jeddah Economic Company, and Shadi Sanbar, KHC’s CFO were among the investors present.

In addition, Hassan Abdulrahman Sharbatly, Walid Batarjee, CEO, Jeddah Economic Company (JEC), Nada Alsugair, executive director of finance and administration, the price’s private office, Heba Fatani, senior executive manager, corporate communications department, CCD, Nahla Alanbar, private executive assistant to the chairman, Intisar Al-Yamani, executive manager, CCD, Nesreen Alkhalifa, KRED and Majed Altoukhi, KRED, also attended the meeting.

During the meeting, Prince Alwaleed and the investors discussed the latest developments and progress being made in the mega Jeddah project.

Also, important decisions have been made regarding projects, strategic support and marketing.

Moreover, the prince hosted a dinner in honor of his guests in Kingdom Tower, Riyadh. In April, Prince Alwaleed who initiated and has been the driving force behind the decision to build the world’s tallest tower in Jeddah, announced the investment of SR 1.5 billion from the Saudi Bin Laden Group (SBG) for a 16.63 percent stake in (JEC), owner of the Jeddah mega project that includes the world’s tallest tower (Kingdom Tower) with a height of over 1,000 meters at a total cost of SR 4.6 billion.

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

Prince Alwaleed commented: “The world’s tallest tower in Jeddah will be completed in 63 months.”

The vision of constructing the tallest tower in the world in Jeddah belongs to Prince Alwaleed, who was closely involved in the selection of the scheme currently under design, said Talal Al-Maiman, an engineer and board member of JEC, which was formed in 2009 to develop Kingdom City in Jeddah.

“Prince Alwaleed, Bakhsh, Sharbatly and I were impressed by the boldness and simplicity of the AS+GG design. Kingdom Tower’s height is remarkable, obviously, but the building’s iconic status will not depend solely on that aspect. Its form is brilliantly sculpted, making it quite simply the most beautiful building in the world of any height,” he said.

Al-Maiman added: “The decision of the partners to build the world’s tallest building further demonstrates their belief in investing in this nation.”

“We intend Kingdom Tower to become both an economic engine and a proud symbol of the Kingdom’s economic and cultural stature in the world community,” said Al-Maiman.

“Kingdom Tower will be a landmark structure that will greatly increase the value of other properties around it in Kingdom City and indeed throughout North Jeddah.”

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Kingdom Holding Co. - KINGDOM
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