World's tallest Kingdom Tower going 'as planned'
Developer Jeddah Economic Co holds board meeting to update investors
Saudi Arabia's HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud has said that the $1bn (SR: 4.6bn) project to build the world's tallest tower in Jeddah is "progressing as planned".
Prince Alwaleed has just chaired the fourth board meeting of the Jeddah Economic Company, which is the special purpose vehicle set up to develop the 1km-high Kingdom Tower in Jeddah.
During the meeting, the chairman and CEO of Kingdom Holdings' Kingdom Real Estate Development Co updated board members about final terms being agreed with Four Seasons to operate one of its luxury hotels from the tower.
Jeddah Economic Company (JEC) CEO Eng. Waleed Batterjee also briefed the board about the status of the project and the piling works currently being carried out by Saudi Bauer Company. The board also reviewed Memoranda of Understanding relating to infrastructure and services for the project including electricity, water and district cooling.
Meanwhile, the board also gained updates about ongoing negotiations with project management companies EC Harris and Mace, as well as the project engineer Dar Alhandasah.
Plans for the necessary infrastructure works for the wider Kingdom City site were also discussed.
Present at the meeting were Kingdom Holdings' CFO shadi Sanbar and deputy CFO Mohamed Fahmy, as wekk as Sadik Afzal from Abrar Holding Company, Naiem Waziri of Saudi Bin Laden Group, Kingdom Real Estate Development Company (KRED) operations director Majid Al Toukhi, Prince Alwaleed's assistant Fahad Bin Saad Bin Nafel and consultant Bashar Kayyali.
Jeddah Economic Company's shareholders are Kingdom Holding Company (33.35%), Abrar Holding Company (33.35%), businessman Abdulrahman Hassan Sharbatly (16.67%) and Saudi Binladin Group (16.63%).
A contract for the piling works was signed with Saudi Bauer Group in October. Piling works were expected to begin in late December and take ten months to complete.
The target date for the project's overall completion is 2018.