The Kingdom Tower in Jeddah is to be offered for an IPO after completion as planned by the partners; CEO of Jeddah Economic Co., Mr. Muneeb Hammod, said to Al-Sharq Al-Awsat newspaper.
The CEO of Jeddah Economic Company, owner and developer of the Kingdom tower added that foundation work and the huge concrete base of the tower have been completed. The world’s tallest tower will rise to more than 1,000 meters and on an area of 85,000 square meters at an estimated total cost of more than SAR1.5bn.
Deep foundation and pilling work, which is one of the most important stages of the project, lasted for 12 month. The construction work will be performed at an accelerated base according to the highest global standards, he added.
Kingdom Tower is part of the Kingdom City project in Jeddah, which extends over an area of 5 million square meters, owned by "Jeddah Economic". Jeddah Economic is 33.35% owned by "Kingdom Holding", 33.35% by "Abrar International Holding", 16.63% "bin Laden Group, Saudi Arabia Limited”, and 16.67% by Mr. Abdulrahman Hassan Sharbatly.
Comments
{{DisplayName}}
{{ElapsedTime}}