Jeddah Economic Company (JEC) has signed a SAR620m ($165.29m) contract with Al-Fouzan Trading & General Construction Company to commence work on infrastructure networks for the Jeddah Tower and Jeddah Economic City.
Established in 2009, JEC is formed by Kingdom Holding Company (KHC), Abrar Holding Company, owned by Samaual Bakhsh, Qila’a Jeddah Company, owned by businessman Abdulrahman Hassan Sharbatly, as well as Kingdom Tower’s primary contractor, Saudi Bin ladin Group.
JEC is the developer of the Jeddah Tower and the Jeddah Economic City’s project.
Designed by architect Adrian Smith, the Jeddah Tower will be more than a 1,000m in height, making it the tallest structure in the world. It will also sport the world’s highest observation deck.
Located in the northern part of Obhur, the Jeddah Tower will offer a complete set of amenities ranging from business facilities, offices, a grand hotel, commercial shops, residential spaces, parks and a vast shopping area.
The Jeddah Tower will be surrounded by the Jeddah Tower Waterfront District.
It will have 59 elevator systems divided between single and double-decked units for convenient movement among floors and levels.
The main lobby of the tower will feature various paths towards the multiple tiers of the tower. The lobby’s architecture and spacious interiors cover more than 6,000m2.
The Jeddah Economic City is envisioned to overlook the Pearl of the Red Sea. The work is scheduled to be completed within 12 months.
KHC CEO Talal Almaiman said: “This contract is one of the largest private infrastructure contracts in the Kingdom of Saudi Arabia and the signing of the infrastructure contract will open the doors to investment opportunities for all.”
JEC CEO Mounib Hammoud said: “The implementation of the advanced infrastructure is considered an essential step in positioning this mega development as a world-class project.
“The works are going according to the set timeframe and soon, plots of land will be available and ready for development by local and international investors with all support services and utilities that include state-of-the-art infrastructure, district cooling, gas networks, streets furnishing and finishing, generous public open spaces, gardens and other elements of an environmentally friendly smart city.
“This project offers the tallest tower in the world, a sustainable mixed-use environment, residential apartments for most budgets, a tourism retail and leisure destination and a business centre. Jeddah Economic City Project will anchor the growth of Jeddah and will offer thousands of job opportunities for young Saudis in various fields.”