Alwaleed: Jeddah Tower is on a solid strategic path



ARAB NEWS

Published — Wednesday 7 November 2012

Last update 7 November 2012 7:03 am

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JEDDAH: Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), held the 3rd meeting in Jeddah with the Jeddah Project partners - Saleh Bin Laden, Samaual Bakhsh and Abdulrahman Hassan Sharbatly.
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.

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