​Units at ​Jeddah Kingdom Tower ​​to go on sale this year

Apartment sales at Saudi Arabia's Kingdom Tower will likely kick start later this year, Reuters reported, citing

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Mounib Hammoud, chief executive of its master developer, Jeddah Economic Company (JEC).

Hammoud hinted at the possibility of renting some of the residential unit​s​ depending on demand.

The entire Jeddah Economic City development is expected to be completed by 2018 at a cost of SAR 8.7 billion​, he added. It will also ​hold the kingdom’s largest shopping mall.

The project ​has been ​partially funded through ​credit from Saudi banks, as well as apartment sales. A loan was said to be approved later this year.

Speaking about JEC specifically, its chief executive said there is no rush for an initial public offering (IPO), which will only happen when market conditions are favorable.

Alwaleed bin Talal’s Kingdom Holding Co. (KHC) owns about a third of JEC, while Abrar Holding owns 33.4 percent of the firm. The main contractor for the tower project, Saudi Bin​ Laden Group and Kilaa Jeddah Co. each own a 16.6 percent stake.

Kingdom Tower - Jeddah