JEC, France’s Orange Business sign Jeddah Tower ICT deal

The Kingdom Holding Co. and Jeddah Economic Company (JEC) signed a consulting agreement with France’s Orange Business Services whereby the latter will design the ICT infrastructure for Jeddah Tower and Jeddah Economic City project.

The value of the deal was not disclosed.

“This project aims to offer an advanced quality of life in a mixed-use environment, with various types of residential apartments, offices, retail, leisure and entertainment, hotels and tourism attractions, in addition to public and cultural facilities,” said JEC’s CEO Mounib Hammoud.

Orange Business Services is working on other smart city projects in Saudi Arabia, including King Abdullah Financial District (KAFD).

Argaam had reported that JEC signed an agreement with Alinma Investment to establish a SAR 8.4 billion Sharia-compliant real estate fund to develop Jeddah Economic City and finish construction work of Jeddah Tower.

Jeddah Tower is part of Jeddah Economic City, which will be built over 5 million square meters. The tower’s height is expected to exceed 1,000 meters.

The Kingdom Holding Co. holds a 33.35 percent stake in JEC while Saudi Binladin Group owns 16.63 percent.

Abrar International Holding Co. and businessman Abdulrahman Sharbatly own 33.35 percent and 16.67 percent of the project, respectively.