Riyadh – Mubasher: Jeddah Economic Company, a subsidiary of Kingdom Holding Company, signed an agreement with Saudi Binladin Group Company, on 2 October, to resume the construction of the Jeddah Economic Company Tower project.
The project’s value stood at SAR 7.20 billion, out of which around SAR 1.10 billion has been already paid for construction works previously completed on the tower, according to a bourse disclosure.
Jeddah Economic Company will finance the remaining construction of the tower through internal funding and banking facilities.
The Tadaul-listed group highlighted that the tower is set to be the world's tallest structure at over 1,000 metres, noting that 63 floors out of 157 have been completed.
In the first half (H1) of 2024, the net profits of Kingdom Holding hiked by 76.43% to SAR 820.39 million from SAR 464.99 million in H1-23.
