An acquisition of $1.8 billion (Dh6.6 billion) has given rise to the Saudi Arabian fund in charge of the world’s tallest tower.
An agreement to purchase the real estate fund Al Inma Jeddah Economic Fund, which is currently owned by JEC, has been finalized by Kingdom Holding Company, Sumuo Holding Company, and Jeddah Economic Company (JEC).
JEC was founded in 2009 and is a partnership between major real estate and development companies, such as Saudi Binladin Group, Abrar Holding Company, Qila’a Jeddah Company, and Kingdom Holding Company.
The Jeddah Tower, the focal point of this fund, is expected to rise above 1,000 meters. The development, which is spanning roughly 1.7 million square meters and is located in the Obhur district of northern Jeddah, will house a Four Seasons Hotel, a shopping center, business offices, and opulent residential buildings.
An adjacent site designated for future development, including towers, shopping centers, residential and commercial complexes, entertainment venues, and international hotels, is part of the fund.
As stated on the Tadawul exchange, Kingdom Holding Company will own a forty percent interest in the new fund as per the terms of the agreement.
The tower’s construction started in 2013.
