RIYADH: Kingdom Holding Co. (KHC) has appointed Emaar Properties as lead developer of a large property project which will feature the world’s tallest tower.
Emaar will be in charge of developing and supervising the construction of Jeddah Kingdom City land and Kingdom Tower, said a press release issued by KHC. The project, with a total investment of at least SR100 billion ($26.7 billion), will be located in Jeddah.
An agreement to this effect was signed here yesterday by KHC Chairman Prince Alwaleed bin Talal and Mohammed bin Ali Al-Abbar, chairman of Emaar Properties. The signing was attended by KHC’s Board and Investment Committee members, Talal Al-Maiman, executive director for development and domestic investments, and Shadi Sanbar, Kingdom Holding’s CFO, and Mr. V.K Gomber, CEO, Emaar.
Prince Alwaleed commented: “The alliance between Kingdom Holding Company and Emaar is strategic.” Five international developers were in race to develop the project. But Emaar was selected for its previous proven experience in the development of mega projects, its knowledge of the area and social setup, said the press release.
In October last year, Custodian of the Two Holy Mosques King Abdullah unveiled the two colossal projects in Jeddah in the presence of Crown Prince Sultan Bin Abdulaziz, Prince Khaled Al-Faisal, governor of Makkah, Prince Alwaleed and Adel Muhammad Faqih, mayor of Jeddah, and other members of the royal family. The unveiling of the designs and plans of the 1,000 meter-high tower was held at the opening of a major international architectural exhibition
“Towards the First World” in Jeddah. KHC was the main sponsor of this historical event. Kingdom City and Kingdom Tower projects were the highlight of the exhibition. It was the first time the design for Kingdom City and the iconic Kingdom Tower were revealed publicly. During the event, King Abdullah and Prince Alwaleed toured KHC’s exhibition of the master plan and designs of the project with a total investment of more than SR100 billion.
— with input from agencies
