| Home | GCC | World | Industries | Markets | Opinion | Interviews | Photos | Video | Lists | Lifestyle | StartUp | Topics | Jobs | Property | Smart TV |
Help, I forgot my username and/or password
Kingdom Tower will become one of the world's top tourism destinations once it is completed, senior project officials have said.
Abdulrahman Hassan Sharbatly and Samaual Bakhsh said in a statement that the project to build the 1km tower in Jeddah would create thousands of jobs and would "spur" the Saudi economy.
"We are confident that upon completion, Kingdom Tower will become one of the world's great tourist destinations as well as one of the most attractive places to live and work in the region," Sharbatly and Bakhsh said in a joint statement.
Their comments came at a meeting with Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, chairman of Kingdom Holding Company and the driving force behind the ambitious project.
With a total construction area of over 500,000 sq m, Kingdom Tower will be a mixed-use building featuring a Four Seasons hotel, Four Seasons serviced apartments, office space, luxury condominiums and an observatory.
Construction, which started earlier this year, is expected to take a total of 63 months.
The contract for construction of the tower was signed with Saudi Bin Laden Group for SR4.6bn ($1.2bn) with the overall estimated cost of the Kingdom City Jeddah project seen at SR75bn ($20bn).
Talal Al Maiman, chairman and CEO of Kingdom Real Estate Development Company who was also at the investors meeting, added: "We intend Kingdom Tower to become both an economic engine and a proud symbol of the kingdom's economic and cultural stature in the world community.
"Kingdom Tower will be a landmark structure that will greatly increase the value of other properties around it in Kingdom City and indeed throughout North Jeddah."
He added: "We envision Kingdom Tower as a new iconic marker of Jeddah's historic importance as the traditional gateway to the holy city of Mecca."
The partners of Jeddah Economic Company, the firm behind Kingdom Tower, are Kingdom Holding Company with a stake of 33.35 percent, Saudi Bin Laden Group (16.63 percent), Abraar International Holding Company (33.35 percent), and Sharbatly (16.67 percent).
Having seen how Lebanese and Jordanians treat their housemaids, I sure wouldn't want to be an Arabtec employee.
I am a Sri Lankan, and would prefer... more
Just another case of some bloke looking for cheap cash. He should move to USA where winning bogus cases like these seem to be a norm!!!! more
Tuesday, 21 May 2013 1:28 PM - Mr. SKOnce again just goes to show that money does not buy good taste! How can anyone justify killing a beautiful alligator especially for such an egotistical... more
Tuesday, 21 May 2013 10:18 AM - BillyHappy employees, happy customers. Quite simple actually. 60,000 unhappy staff, well, you do the math on how many unhappy customers can result from poor... more
Monday, 20 May 2013 10:27 AM - Louie Tedesco
Having seen how Lebanese and Jordanians treat their housemaids, I sure wouldn't want to be an Arabtec employee.
I am a Sri Lankan, and would prefer... more
Let me put the entire issue in perspective. There are massive traffic problems on the roads of Kuwait, where Kuwait can boast high road fatalities and... more
Tuesday, 21 May 2013 1:28 PM - AbdullahHappy employees, happy customers. Quite simple actually. 60,000 unhappy staff, well, you do the math on how many unhappy customers can result from poor... more
Monday, 20 May 2013 10:27 AM - Louie TedescoIslam is not better than any other religion, to all the muslims out there, stop putting yourself on a pedestal, you are filled with self importance that... more
Tuesday, 14 May 2013 9:58 AM - graeme
Having seen how Lebanese and Jordanians treat their housemaids, I sure wouldn't want to be an Arabtec employee.
I am a Sri Lankan, and would prefer... more
Join the Discussion
Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.
Please post responsibly. Commenter Rules