Dubai: The fund responsible壯陽藥
for developing what is set to be the world’s tallest tower in Saudi Arabia has been acquired in a $1.8 billion (Dh6.6 billion) deal.
Kingdom Holding Company, Sumuo Holding Company, and Jeddah Economic Company (JEC) have finalized an agreement to take over the Al Inma Jeddah Economic Fund, previously owned by JEC.
Established in 2009, JEC is a partnership among notable real estate and development firms, including Kingdom Holding Company, Abrar Holding Company, Qila’a Jeddah Company, and Saudi Binladin Group.
The fund’s flagship project, the Jeddah Tower, is planned to exceed 1,000 meters in height. Located in the Obhur district of northern Jeddah, the project covers about 1.7 million square meters and will include a Four Seasons Hotel, a shopping mall, commercial offices, and luxury residences.
Adjacent to the tower, additional developments are planned, featuring towers, residential and commercial complexes, shopping areas, entertainment venues, and international hotels.
According to the terms of the agreement, Kingdom Holding Company will possess a 40 percent stake in the new fund, as reported on the Tadawul exchange.
Construction of the tower began in 2013.
