Kingdom Holding Company (KHC), the investment firm owned by Saudi billionaire Prince Alwaleed bin Talal, today (January 17) signed infrastructure networks contract worth SR620 million ($176 million) for its 170-storey giant skyscraper Jeddah Tower and Jeddah Economic City Project, a multi-purpose project coming up in Obhur, just north of Jeddah on the Red Sea coast.

Both the projects are being developed by Jeddah Economic Company (JEC), in which KHC is a major partner.

The infrastructure network contract has been awarded to Al Fouzan Trading & General Construction Company which will be completing the work within 12 months.

"This is one of the largest private infrastructure contracts in Saudi Arabia and its signing will open the doors to investment opportunities in the Jeddah Economic City project for all," remarked KHC chief executive Talal Almaiman, who is also the board member of JEC,  during the signing ceremony held at KHC’s headquarters in capital Riyadh.

The Jeddah Tower, which is expected to soar to a height of more than 1,000 m, will become the world’s tallest tower on completion.

Jeddah Economic Company CEO Mounib Hammoud said the implementation of the advanced infrastructure was 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 includes: 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," stated Hammoud.

"The 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," he added.

Saleh Al Henaki, the chief executive of Alinma Investment Company, Sultan AlKusayer, the fund manager, Mohammed Al Eisa, the assistant fund manager, Tarik Al Fouzan, the chief executive of Al Fouzan Trading & General Construction Company attended the signing ceremony.-TradeArabia News Service