Banks approach KHC to fund Jeddah Tower construction: Prince Alwaleed

Snapshot of the agreement signing

Prince Alwaleed bin Talal, Chairman of Kingdom Holding Co. (KHC), said that several banks have approached the company to finance the construction of Jeddah Tower and its infrastructure.

For more news and details on the projects

According to Prince Alwaleed, construction work on Jeddah Tower resumed on Oct. 2, as reported by Al Eqtisadiah.

He also noted that KHC plans to undertake other projects spanning 4 million square meters within Jeddah Economic City after completing the tower.

According to data available with Argaam, KHC announced that its associate, Jeddah Economic Company (JEC), signed on Oct. 2 an agreement with Saudi Binladin Group (SBG) to resume the construction of the Jeddah Tower project.

The deal is valued at SAR 7.2 billion, and around SAR 1.1 billion was already pre-paid for previously done tower works. On-site construction is set to be finalized over a 42-month period.

JEC is 33.6% owned by KHC. It first commenced work on the Jeddah Tower project in April 2013. The project was planned for completion in 2018 but was rescheduled to 2020.

In May 2017, JEC said that the project's mass concreting was ongoing and that the tower's height reached the 54th floor.