Kingdom Holding Co, led by very rich and famous person Saudi Prince Alwaleed bin Talal, stated its subsidiary Jeddah Economic Company had come to a more than $2 billion (1.9 billion euro) financing deal with Saudi Arabia's Alinma Investment to complete and finish the Jeddah Tower located in the Red Sea city.
Already named as Kingdom Tower, the 170-story building is to rise more than a kilometer (right around 3,300 feet) surpassing Dubai's Burj Khalifa as the world's tallest building. Amount for the venture had already been estimated at 4.6 billion riyals ($1.2 billion).
Alinma Bank will finance the account, to be overseen by Alinma Investment, while Jeddah Economic Company will be the expert developer of projects that will draw on the fund's credit lines.
A hand out picture made accessible by Kingdom Holding Company on August 2, 2011, demonstrates the model of the world's highest tower to be built in the Red Sea city situated in Jeddah.
The 8.4 billion riyal ($2.24 billion) fund, agreeable with Islamic sharia law, will likewise be utilized to add to the first and initial period of Jeddah Economic City, an urban venture encompassing the tower in the Obhur area north of Jeddah.
Alwaleed said a year back that the tower, which will highlight a hotel, apartments and workplaces, was slated for culmination in 2018. Around then the four-story foundations of the building were done and Alwaleed said that now they are very nearly constructing a story at regular intervals.
That pace would have put the skyscraper at around 90 stories now; however the announcement on Sunday said it is currently at its 26th floor.
Mounib Hammoud, CEO of Jeddah Economic Company, said he anticipates that the task will be done on time now that the agreement has been signed and required funds secured.
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