Alwaleed: Jeddah Tower is on a solid strategic path
Alwaleed: Jeddah Tower is on a solid strategic path
Following the meeting, Sharbatly hosted a dinner in honor of the prince and the board members. Talal Al-Maiman, executive director, Development and Domestic Investments, chairman and CEO of Kingdom Real Estate Development Company (KRED), a board member of KHC and Jeddah Economic Company (JEC), Shadi Sanbar, KHC's CFO, Waleed Batterjee, CEO of JEC, Hassan Abdulrahman Sharbatly, Husam Hamdy, general manager of Saudi Bauer, and Nabil Batrawi, project director SBG, also attended the meeting.
During the meeting, Prince Alwaleed and the partners discussed the latest developments and progress of the mega Jeddah project. In addition, the piling contract with the value of SR 152,856,091 was awarded to Saudi Bauer under the supervision of Saudi Bin Laden Group (SBG), the main contractor. Saudi Bauer was selected based on its expertise and renowned worldwide specialization in this field.
Prince Alwaleed commented: "Jeddah Tower is on a solid strategic path."
Al Maiman said: "The vision of constructing the tallest tower in the world in Jeddah belongs to Prince Alwaleed, who was closely involved in the selection of the scheme currently under design. The decision of the partners to build the world's tallest building further demonstrates their belief in investing in this nation."
In April 2012, Prince Alwaleed who initiated and has been the driving force behind the decision to build the world's tallest tower in Jeddah, in the Kingdom of Saudi Arabia, announced the investment of SR 1.5 billion from the SBG for a 16.63 percent stake in (JEC), owner of the Jeddah Mega Project that includes the world's tallest tower (Kingdom Tower) with a height of over 1,000 meters at a total cost of SR 4.6 billion. The Kingdom Tower will be the centerpiece and the first construction phase of Kingdom City Jeddah. The overall estimated cost of the entire Kingdom City project is anticipated to be SR 75 billion ($20 billion).
JEC new urban development of more than 5.3 million sqm of land in the north of Jeddah overlooking the Red Sea and Obhur Creek. The partners of JEC are Kingdom Holding Company with a stake of 33.35 percent, Saudi Bin Laden Group with a 16.63 percent stake, Abraar International Holding Company represented by Samaual Bakhsh, with a stake of 33.35 percent, and prominent Jeddah businessman Abdulrahman Hassan Sharbatly with a stake of 16.67 percent. The final license to construct the tower was formally received from the Jeddah municipality in February 2012.
Airbus warns could leave Britain if no Brexit deal
- Industry analysts say Airbus would be unlikely to pull out of the UK abruptly because of long lead times and waiting lists for its planes
- Airbus, which makes wings for all its passenger jets in the UK, said that leaving both the EU’s single market and customs union immediately
PARIS: European aviation giant Airbus warned Thursday it could be forced to pull out of the UK if Britain leaves the European Union without a deal.
In a Brexit risk assessment, Airbus said Britain withdrawing from the EU without a deal “would lead to severe disruption and interruption of UK production.”
“This scenario would force Airbus to reconsider its investments in the UK, and its long-term footprint in the country, severely undermining UK efforts to keep a competitive and innovative aerospace industry, developing high value jobs and competences,” it warned.
“Put simply, a no deal scenario directly threatens Airbus’ future in the UK,” Tom Williams, chief operating officer of Airbus Commercial Aircraft, said in a statement.
In its risk assessment, Airbus said under a “no deal” scenario, delays and disruptions to its production could cost it up to one billion euros ($1.2 billion) a week in lost turnover.
It said a no-deal Brexit “would be catastrophic” for the aviation group.
Airbus employs 14,000 people at more than 25 sites in Britain, where it manufactures the wings of its aircraft.
“In any scenario, Brexit has severe negative consequences for the UK aerospace industry and Airbus in particular,” Williams said.
“While Airbus understands that the political process must go on, as a responsible business we require immediate details on the pragmatic steps that should be taken to operate competitively,” he said.
“Without these, Airbus believes that the impacts on our UK operations could be significant. We have sought to highlight our concerns over the past 12 months, without success.”
On the future trade relationship between Britain and the EU, Airbus said the current transition period, which runs until December 2020, “is too short for the EU and UK Governments to agree the outstanding issues, and too short for Airbus to implement the required changes with its extensive supply chain.”
“In this scenario, Airbus would carefully monitor any new investments in the UK and refrain from extending the UK suppliers/partners base.”
Britain is due to leave the European Union in March 2019 but continue the current trading arrangements during the transition phase to December 2020 to give time for the two sides to agree the terms of a new partnership.