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Alwaleed in key Jeddah project talks

Jeddah, June 7, 2012

Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, the chairman of Kingdom Holding Company (KHC), held discussions with the major investors of the Jeddah mega project that includes the world’s tallest tower (Kingdom Tower).

Top officials of Jeddah Economic Company (JEC), the owner of the Jeddah project discussed its latest developments and the progress during the dinner hosted by the Saudi prince in their honour at his office in Riyadh.

Jeddah's Kingdom Tower, set to become the world's tallest building with a height of over 1,000 meters, is due to be completed in 63 months at a total cost of SR4.6 billion ($1.2 billion), Prince Alwaleed said at the meeting.

With a total construction area of over 500,000 sq m, the soaring tower will be a mixed-use building featuring a Four Seasons hotel, serviced apartments, first class office space, luxury condominiums and an observatory that will be higher than the world’s current highest observation deck.

Top investors including Abdulrahman Hassan Sharbatly, Saleh Bin Laden, Samaual Bakhsh attended the dinner along with Talal Al Maiman, the executive director, development and domestic investments, chairman and CEO of Kingdom Real Estate Development Company (Kred), a board member of KHC and a JEC board member and Shadi Sanbar, KHC’s chief finance officer.

In addition, the dinner was also attended by Hassan Abdulrahman Sharbatly, Walid Batarjee, the chief executive of JEC, Nada Alsugair, the executive director of finance and administration, Alwaleed's private office, Heba Fatani, senior executive manager, corporate communications department (CCD), Dr Nahla Alanbar, private executive assistant, Intisar Al Yamani, executive manager, CCD besides Nesreen Alkhalifa and Majed Altoukhi of Kred.

At the meeting Prince Alwaleed updated investors on the important decisions made with regard to the projects, strategic support and marketing.

“We aim to make Kingdom Tower an economic engine and a proud symbol of the Kingdom’s economic and cultural stature in the world community,” remarked Al Maiman.

“It will be a landmark structure that will greatly increase the value of other properties around it in Kingdom City and indeed throughout North Jeddah,” he added.

Sharbatly and Bakhsh said upon completion, Kingdom Tower will become one of the world’s great tourist destinations as well as one of the most attractive places to live and work in the region

“This project will create thousands of jobs, spurring the local economy,” they added.-TradeArabia News Service

Tags: Jeddah | project | Alwaleed | Kingdom Holding Company |

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