With a total value of 620 million riyals, Jeddah Economic Company awarded a contract to Al-Fawzan General Contracting Company to build the infrastructure networks for the Jeddah Tower project and the Jeddah Economic City project, with completion scheduled within 12 months.
A statement from Al-Mamlakah Holding Company explained that Engineer Talal bin Ibrahim Al-Mayman, a board member of Jeddah Economic Company—the project’s developer—signed the contract on behalf of the partners, including Al-Mamlakah Holding Company, one of the project’s main partners.
Al-Mayman stated that this contract is one of the largest infrastructure contracts ever awarded for a private project in the Kingdom of Saudi Arabia, and that the signing of this infrastructure contract opens up investment opportunities for everyone in Jeddah Economic City.
For his part, Munib Hamoud, CEO of Jeddah Economic City, said that the start of construction on the advanced and smart infrastructure is a fundamental step for this global project, and that the project’s components are proceeding according to their respective schedules. He noted that within a few months, the plots of land will be ready for development by local and international investors, complete with all direct and support services.
The “Jeddah Tower” project is part of the Jeddah Economic City project, which covers an area of 5 million square meters and is owned by Jeddah Economic Company, which is owned by Kingdom Holding Company (33.35 %) and Abrar International Holding Company (33.35 %, represented by His Highness Al-Baksh and Abdulrahman Hassan Sharbatly (16.67 %), and the Saudi Bin Laden Group Limited (16.63%).
Upon completion, the “Jeddah Tower” is expected to exceed 1,000 meters in height, becoming the world’s tallest tower and surpassing the Burj Khalifa in Dubai, which is currently the world’s tallest.
