Kingdom Holding Company (4280) has teamed up with two local companies to establish a fund worth SAR 6.8 billion (1.8 billion USD).
This is to acquire “Alinma Jeddah Economic City Real Estate Fund,” which owns the project to build the world’s tallest tower in Jeddah (in western Saudi Arabia).
Jeddah
Kingdom Holding announced that the alliance in the new fund will include “Sumou Holding” and “Jeddah Economic Company.”
The latter fully owns the “Alinma Jeddah Economic City Real Estate Fund.”
So What
Kingdom Holding, chaired by Prince Alwaleed bin Talal, will acquire 40% of the new fund, while “Jeddah Economic Company” will hold a 4.1% share.
Some Context
The agreement will also see the parties acquire land adjacent to “Jeddah Tower” spanning 1.7 million square meters.
The “mixed-use” tower will host a Four Seasons Hotel and a shopping center.
It will also house commercial offices and luxury residential units.
The adjacent lands in the acquisition agreement contain towers, residential and commercial complexes, and shopping areas.
They will house entertainment centers and other international hotels.
Now What
The “Jeddah Tower” is expected to become a global attraction, attracting visitors and investors.
This will boost the Saudi economy and create numerous job opportunities.
