The Jeddah Economic Company (JEC) has signed a deal with Alinma Investment for more funding to enable the construction of the Kingdom Tower in Jeddah.
Thus, a 2.23 billion USD fund has been established by the Kingdom Holding named Alinma Jeddah Economic City Fund.
Initially the tower was estimated to have a cost of 1.12 billion USD but this new fund shows that initial estimations will be exceeded. Currently, 26 floors of the tower were already built totaling 85,000 square meters of built space.
While overall the Saudi construction market slows down because of the low oil prices, it is expected the Kingdom Tower will be finished on time, now that all necessary funds are secured.