Bechtel wins KHC's $13bn Jeddah Project
Riyadh, September 17, 2007
Kingdom Holding Company (KHC) has selected Bechtel to supervise and develop the SR50 billion ($13.33 billion) Jeddah Project.
Bechtel was chosen out of seven companies that were in a competitive bid for the project, said a KHC statement.
Bechtel is a global engineering, construction and project management company with more than a century of experience on complex projects in challenging locations especially in Saudi Arabia.
Kingdom Holding Company, chaired by Prince Alwaleed bin Talal bin Abdulaziz Alsaud, received the Jeddah Project master plan from Pickard Chilton, reputable and renowned designers who have designed some of the world’s most recognisable buildings, including the Kingdom Center in Riyadh.
The Jeddah Project, one of the major real estate projects planned by KHC has an area of 5.3 million sq m and is located in the city's northern area on the Red Sea coastline.
The investment value of the project is estimated at SR50 billion upon completion. The project will comprise a sky scraper, residential and commercial buildings and hotels.
The residential area will cover 1.5 million sq m, the commercial area 470,000 sq m, education vicinity 150,000 sq m and offices 800,000 sq m. The remaining land will be utilised for leisure facilities, tourism and the construction of four-star hotels, the company said.
Furthermore, there are plans for the development of a diplomatic quarter.
The site plans for the land were developed by HOK, a Canadian company that has world-wide recognition. –TradeArabia News Service