Kingdom Holding Co.’s 33.35 percent-owned associate, Jeddah Economic Co. (JEC), awarded today a SAR 620 million contract to Al-Fouzan Trading & General Construction Co. to build the infrastructure networks of Jeddah Tower and Jeddah Economic City.
Construction works are set to be completed in 12 months, the Saudi-listed firm said in a statement.
In 2015, JEC, the developer of Jeddah Tower and Jeddah Economic City project, had signed an agreement with Alinma Investment to form a SAR 8.4 billion Sharia-compliant real estate fund to develop the first phase of Jeddah Economic City and complete construction of Jeddah Tower, Argaam reported.
The other stockholders in JEC are Abrar International Holding Co. (33.35%), Saudi Binladin Group (16.63%) and businessman Abdurrahman Sharbatly (16.67%).
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