Saudi Arabia's Kingdom
Holding, the investment firm of billionaire Prince Alwaleed bin Talal, said
its affiliate Jeddah Economic Co (JEC) had arranged financing to complete
construction of the world's tallest building.
JEC agreed with Alinma Bank to establish an 8.4
billion riyal ($2.2 billion) real estate development fund that will finish work
on the $1.2 billion Kingdom Tower in Jeddah, Kingdom Holding said in a
statement on Sunday, 26 floors of which have been built so far.
The Islamic fund will also develop the 1.5 square km (0.6
sq miles) first phase of the Jeddah Economic City project, an urban development
scheme sprawling over 5.3 sq km. In addition to Kingdom Tower, the scheme is to
include Saudi Arabia's largest shopping mall.
Kingdom Holding owns about a third of JEC, while
Jeddah-based Abrar Holding owns a similar stake. The main contractor for the
tower, Saudi Binladin Group, and Kilaa Jeddah Co each own about 16.6 percent.
Alinma Bank will finance the new fund, which is to be
managed by Alinma Investment, Kingdom added without elaborating on how the
money would be raised.
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