Dubai’s iconic Burj Khalifa, the world’s tallest building, could be stripped of its Guinness title if Saudi Arabia succeeds in its plans to construct the even larger Jeddah Tower – a prospect looking more likely as funds for the $1.23 billion project have been secured.
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The prince managed to secure the funding through affiliate Jeddah Economic Company in a deal with Saudi Arabia’s Alinma Investment, reported International Business Times.
The Jeddah Economic Company and Alinma Investment, established by Alinma Bank, have signed a deal to initiate the fund, according to a statement issued by Kingdom Holding, an investment firm controlled by Alwaleed.
The fund, to be named the Alinma Jeddah Economic City Fund, will be Sharia-compliant and operate under the Saudi Arabian Capital Market Authority and current laws of the kingdom, the statement said.
Kingdom Holding owns about a third of JEC, while Jeddah-based Abrar Holding owns a similar stake.
In July, Bin Talal the grandson of King Abdul-Aziz Alsaud, the founder and first ruler of Saudi Arabia, made headlines when he announced he would give his $32 billionfortune to charity when he died.
The Jeddah Economic City project also includes creating a new suburb of the city that officials hope will become a tourist destination. Jeddah Tower may pierce the skies in 2018. Construction work is already underway, with 26 floors having been completed.
The 3,281-foot Jeddah Tower, also known as the Kingdom Tower, is slated to become the first building in the world to stand one kilometer high upon its expected 2020 completion.
Talal Al Maiman, Executive Director of the Kingdom Holding Company, said that financial planning for the project took over two years.
The proejct will cost more than $1.2 billion.
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“Because it changes shape every few floors, the wind loads go round the building and won’t be as extreme as on a really solid block”, Gordon Gill explained to Construction Weekly.
