Jeddah Economic Company, the developer of the tower which is set to dethrone Dubai’s 828 metre-tall Burj Khalifa as the world’s tallest building, has appointed a new CEO.
Mounib Hammoud, who has been named as Jeddah Economic Company's (JEC) new CEO, announced the completion of the piling works for the Kingdom Tower project.
A statement said Hammoud joins JEC at an important stage of its operation.
"He will lead the company to achieve its goals, especially in developing an integrated modern city that includes the tallest tower in the world, which will give Jeddah and Saudi Arabia a unique modern landmark of a world class standard," the statement added.
Hammoud has more than 20 years of experience in urban planning and real estate development in the MENA region. He has previously held executive positions at Solidere and Solidere International.
Expected to cost $1.2bn to construct, Kingdom Tower will be a mixed-use building featuring a luxury hotel, office space, serviced apartments, luxury condominiums and the world’s highest observatory.
Construction, which started earlier this year, is expected to take a total of 63 months.
At over 1,000 metres and a total construction area of 530,000 sq m, Kingdom Tower will be the centrepiece and first construction phase of the Kingdom City development on a 5.3 million sq m site in north Jeddah.
The tower’s height will be at least 173 metres taller than the world’s current tallest building, Dubai’s 828m tall Burj Khalifa.
Talal Al Maiman, chairman and CEO of Kingdom Real Estate Development Company, said: "Hammoud joins us at an important stage of the project where we trust that he will lead this stage and continue the journey in line with the vision of HRH Prince Alwaleed Bin Talal and our partners in JEC."
He added: "JEC will enter a new and thriving era and it will play a pre-eminent role in developing the real estate sector in Saudi Arabia and, more specifically, in Jeddah."