Jeddah Economic City (JEC) has secured a SAR 3.6 billion Shariah-compliant loan from Saudi-based Alinma Bank to start building the first phase of the Jeddah Tower project, JEC said in a statement.
Construction work has been completed up to the 37th floor on the tower, which is set to overtake Dubai’s Burj Khalifa as the world’s tallest tower when finished.
The latest financing will be issued to Alinma Jeddah Economic City Fund, which is chaired by Kingdom Holding’s Prince Alwaleed bin Talal and was co-founded in November by Alinma Investment and JEC.
Kingdom Holding, Prince Alwaleed’s investment vehicle, holds a 33.35 percent stake in JEC.
Real estate analysts had previously expressed doubts over the ability of the developers to secure financing for the project when it was was first unveiled in 2010.
The tower will be the centerpiece in the Jeddah Economic City, an integrated residential and commercial development built over roughly 5 million square meters.
Saudi Binladin Group owns 16.63 percent of Jeddah Economic City project. Abrar International Holding Co. and businessman Abdulrahman Sharbatly own 33.35 percent and 16.67 percent of the project, respectively.
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