Apartment sales at Jeddah Kingdom Tower likely to start this year

Updated 11 May 2015

Apartment sales at Jeddah Kingdom Tower likely to start this year

JEDDAH: Residential apartments at Saudi Arabia's Kingdom Tower, which is slated to become the world's tallest building on completion in 2018, will likely go on sale later this year, the developer's chief executive told Reuters on Sunday.
Once completed, the $1.2 billion Kingdom Tower will be over 1 kilometer high, said Jeddah Economic Company Chief Executive Mounib Hammoud, taking the title of the world's tallest building from Dubai's Burj Khalifa, which stands at about 830 meters.
The Kingdom Tower will have a gross floor area of 245,000 square meters and include offices, a 200-room Four Seasons Hotel, 121 serviced apartments and 360 residential apartments.
The apartments "will be for sale. Maybe we will rent some, pool some for rental or do (investment) funds on a few — it depends on the market," said Hammoud, adding that sales should begin this year.
His company is now collecting applications from potential buyers. Construction has reached the 14th floor.
Citizens of the six Gulf countries — Saudi Arabia, Kuwait, Qatar, Oman, Bahrain and the United Arab Emirates — are eligible to buy units in the tower, but other potential investors will require government approval, Hammoud said.
JEC is investing SR8.7 billion ($2.3 billion) in the Jeddah Economic City project, which includes Kingdom Tower and Saudi Arabia's largest shopping mall. Of the total, SR7.3 billion is a contribution in kind including the land upon which the tower is built, plus SR1.4 billion in cash.
The project will be funded partially through a loan from Saudi banks and through apartment sales, said Hammoud. He said the company had received "consent" for the loan and would sign for it this year, but declined to reveal its value.
JEC could go public "in due time", Hammoud added. Jeddah-based Abrar Holding owns 33.4 percent of JEC; the main contractor for the tower project, Saudi Binladin Group, and Kilaa Jeddah Co. own about 16.6 percent each.


Canada’s Trudeau to unveil plan to address coronavirus outbreak, revive economy

Updated 16 min 5 sec ago

Canada’s Trudeau to unveil plan to address coronavirus outbreak, revive economy

  • Trudeau will stress the need for environmental policies such as retrofitting buildings, boosting the use of electric vehicles and biofuels
  • Trudeau is paring down talk of a green revolution to slash reliance on export of fossil fuels

OTTAWA: Canadian Prime Minister Justin Trudeau will unveil on Wednesday what he says is a far-reaching plan to help the economy recover from the coronavirus pandemic while ensuring efforts to fight the outbreak do not falter.
Trudeau, who has consistently vowed to do more to combat climate change, is paring down talk of a green revolution to slash reliance on export of fossil fuels as Canada faces a resurgence in coronavirus cases.
“The three prongs of what we are doing are fighting COVID-19, supporting Canadians, and a resilient recovery,” said a government source who requested anonymity given the sensitivity of the situation.
The so-called Speech from the Throne outlining government plans is a confidence measure and given that Trudeau’s Liberals only have a minority in the House of Commons, they will need the support of opposition legislators to avoid being toppled and plunging the country into an election.
The left-leaning New Democrats have made clear they are likely to vote in favor. Trudeau’s popularity initially soared over his handling of the pandemic, but polls suggest he and the Liberals were damaged by a scandal over his close ties to a charity chosen to run a student grant program.
Parliament is usually packed for the occasion but COVID-19 means few legislators will be present when Governor General Julie Payette — the representative of Queen Elizabeth, Canada’s head of state — delivers the speech at around 3 p.m. (1900 GMT).
Later on Wednesday, Trudeau plans to make a national address to address the urgency of fighting COVID-19, a spokesman said.
Officials say the throne speech will contain policy proposals such as childcare and an expanded employment insurance program rather than specific spending commitments, some of which will be disclosed in a fiscal update later in the year.
But Trudeau will stress the need for environmental policies such as retrofitting buildings, boosting the use of electric vehicles and biofuels, aides say.