$1.2bn Kingdom Tower project on track
Jeddah, June 16, 2013
Kingdom Holding Company (KHC) said the piling work is progressing well at its ambitious Kingdom City Jeddah project which will boast of the world’s tallest tower to be built at a cost of SR4.6 billion ($1.2 billion).
Heading the 4th board of directors meeting of Jeddah Economic Company (JEC) in Riyadh, KHC chairman Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud said the first stage of the tower works has started. The meeting was attended by board members Abdulrahman Hassan Sharbatly, Saleh Bin Laden, Samaual Bakhsh.
At the meeting, Talal Al Maiman, the chairman and CEO of Kingdom Real Estate Development Company and JEC member, updated the board about the final agreement with the Four Seasons relating to operating the luxury hotel in the world’s tallest tower standing at more than 1000 meters high when completed.
Waleed Batterjee, the JEC chief executive officer briefed the board about the status of the project and presented them with the progress of the piling works being done by Saudi Bauer Company.
The board also reviewed the agreements relating to infrastructure and services for the project including electricity, water and district cooling.-TradeArabia News Service