Jeddah Economic Co in talks with banks to fund AlWaleed’s world’s tallest tower

Jeddah Economic Co is in talks with Saudi banks through its financial advisors Saudi Inma’a bank and BNP Paribas to raise funds for the SAR 14 billion- Kingdom City project in Jeddah, the company’s chief executive Mounib Hammoud said at a conference in Dubai, without disclosing the exact loans needed.

When completed, the city’s one-kilometer tall Kingdom Tower will overtake Dubai’s Burg Khalifa, 828 meters tall, as the world’s highest tower.

The construction work in the tower will cost SAR 6 billion, or $1.6 billion, and expected to be finished in Dec 2018, he said.

The project will include a skyscraper that will house the Four Seasons hotel as well as mixed-use residential and commercial buildings.

The project is over an area of 1.4 million square meters which will include the tower, a shopping mall and a mosque with a capacity of 12,000 worshippers.

Jeddah Economic Co., is 16.63 percent owned by the Saudi bin Laden Group and 33.35 percent owned by Prince AlWaleed’s Kingdom Holding. Abrar International Holding Co. holds a 33.35 percent stake in the company. Businessman Abdul Rahman Sharbatly owns 16.67 percent.

The tower was designed by architect Adrian Smith who also designed Burj Khalifa.