The CEO of Kingdom Holding Company (KHC), Eng. Talal Almaiman, who is also Board Member of the Jeddah Economic Company (JEC), the developer of the Jeddah Tower and the Jeddah Economic City’s project, signed a 620 Million Saudi Riyal agreement on behalf of the JEC partners (which includes Kingdom Holding Company), to commence work on its infrastructure networks for the Jeddah Tower, soon to be the world’s tallest tower, and Jeddah Economic City. The work is to be completed within 12 months by the Al-Fouzan Trading & General Construction Company.
The signing ceremony took place on Wednesday 17th January 2018 at KHC’s headquarter in Riyadh, in the presence of Mr. Saleh Al Henaki – CEO of Alinma Investment Company, Mr. Sultan AlKusayer – Fund Manager, Mr. Mohammed Al Eisa – Assistant Fund Manager, Mr. Tarik Al Fouzan, CEO of Al Fouzan Trading & General Construction Company and Mr. Mounib Hammoud, CEO of JEC.
Eng. Talal Almaiman stated, “This contract is one of the largest private infrastructure contracts in the Kingdom of Saudi Arabia and the signing of the infrastructure contract will open the doors to investment opportunities for all.
Mr. Mounib Hammoud, CEO of JEC commented: “The implementation of the advanced infrastructure is considered an essential step in positioning this mega development as a world class project. The works are going according to the set timeframe and soon, plots of land will be available and ready for development by local & international investors with all support services and utilities that includes: state of the art infrastructure, district cooling, gas networks, streets furnishing and finishing, generous public open spaces, gardens and other elements of an environmentally friendly smart city. This project offers the tallest Tower in the World, a sustainable mixed-use environment, residential apartments for most budgets, a tourism retail and leisure destination and a business center. Jeddah Economic City Project will anchor the growth of Jeddah and will offer thousands of job opportunities for young Saudis in various fields.”