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IOSUK joint venture signs $43m Kingdom Tower deal
A joint venture between the UK's EC Harris and Mace has signed a contract to provide project management services for the construction of Kingdom Tower in Jeddah, the planned 1km tall skyscraper.
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 offered a $43.2m deal.
The JV was appointed project manager by the developer back in February but has had to wait almost nine months to sign the contract.
The deal includes the management of all aspects of the $1.23bn project’s delivery with specific emphasis on the management of programme and cost.
“This contract further confirms that the Jeddah project continues on its strategic path,” said Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, chairman of Jeddah Economic Company (JEC) Kingdom Holding Company.
“The selection of the working team has been completed to realise the vision of the investors and the city of Jeddah for this world-class standard national project."
A statement added that 80 percent of Jeddah Kingdom Tower piling works has been completed by Saudi Bauer Company and will be fully completed at the end of this year.
Kingdom Tower will be the centrepiece of JEC’s $20bn Kingdom City development, which will be located to the north of Jeddah, overlooking the Red Sea.
The Kingdom City will consist of over 5.3 sq km of urban development and will include residential, commercial, hotel, offices, retail, educational and commercial centres as well as inland water features.
The target date for completion of Kingdom Tower is 2018.
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