SR4.6 billion deal for world’s tallest tower in Jeddah

03/08/2011 00:00 AST

Kingdom Holding Co. (KHC) chairman Prince Alwaleed bin Talal confirmed in Riyadh on Tuesday that associate firm Jeddah Economic Co. has signed a SR4.6 billion deal with the Saudi Binladen Group to build the world’s tallest tower in Jeddah.

The iconic tower, dubbed as the “Kingdom Tower,” will be over 1,000 meters high, and the construction of this landmark structure overlooking the Red Sea and Obhur Creek will finish within five years and three months.

Addressing a press conference at the KHC headquarters here, Prince Alwaleed said “the project symbolizes the growing business confidence in Saudi Arabia under the wise leadership of Custodian of the Two Holy Mosques King Abdullah.”

The long-term policies of King Abdullah and his government have encouraged the business community to execute these kinds of multibillion riyal projects, said the prince, while allaying fears of any impact on the Saudi economy from regional turmoil.

Prince Alwaleed said the building’s iconic status would not depend solely on its height.

He said the tower would be the centerpiece and first construction phase of Kingdom City, Jeddah Economic Company’s (JEC) new urban development of more than 5.3 million square meters in the north of Jeddah overlooking the Red Sea and Obhur Creek.

He said the project would provide sustainable profits to Kingdom Holding shareholders.

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