25/06/2015 03:12 AST
Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), headed the board of directors meeting of Jeddah Economic Company (JEC) at his office in Riyadh on June 15.
The board members present were Hassan Sharbatly, Saleh Bin Laden, Hesham Al-Edrissi, representative of Abrar Company, and Talal Almaiman, executive director development and domestic investments, chairman and CEO of Kingdom Real Estate Development Company (KRED), a board member of Kingdom Holding Company and JEC.
The meeting was also attended by Mounib Hammoud, JEC’s CEO, and Mohamed Fahmy, Kingdom Holding Company’s CFO.
Prince Alwaleed expressed his satisfaction over the progress made in accordance with the project schedule and praised the efforts made by the project team to finalize works within the specified deadline while maintaining the highest standards of quality.
The Kingdom City and Kingdom Tower project will be a source of pride for the Saudi people and for the citizens of Jeddah in particular. The master plan of the project is designed to build a city on an area of 5.3 million sqm supported by an advanced and comprehensive infrastructure.
The first phase of the project, which is currently under development, consists of 1.5 million sqm comprising 3.3 million sqm of modern multipurpose buildings that will reposition the city of Jeddah on the international scene of modern regional cities.
The main purpose of the project is to make available a unique business, residential and entertainment environment that provides top services for the new generation of Saudi citizens, and to be a must-visit business, entertainment, cultural, medical and educational landmark for visitors to Jeddah, as well as playing an important role in creating job opportunities for Saudi youth and contributing to fulfilling the increasing demand for residential units.
Earlier this year, JEC announced the arrival of the biggest and tallest custom-made cranes supplied by Germany’s Liebherr & WolffKran.
Arab News
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