By Innovation-sa on January 22, 2018 in News

Jeddah Economic Company (JEC) has signed an infrastructure deal worth SR 620 million with Al-Fouzan General Contracting Company on Tuesday for the infrastructure development of Jeddah Tower and Jeddah Economic City around it.

According to the contract, Al-Fouzan General Contracting Company will complete the scheduled infrastructure work within a year. The project, earlier named as Kingdom Tower, is undertaken by JEC with the partnership of Kingdom Holding Company (KHC). Once completed, the tower will rise over a kilometre and will be the next tallest skyscraper in the world.

The contract was awarded to Al-Fouzan General Contracting Company in the presence of Saleh Al Henaki, CEO of Alinma Investment Company, Sulthan AlKusayer, fund manager, Mohammed Al Eisa, assistant fund manager, Tarik Al Fouzan, CEO of Al Fouzan Trade and General Contracting Co, Abdul Mohsin Al Johaimy, CEO of AlSabiq Investment and Mounib Hammoud, CEO of Jeddah Economic City at KHC’s headquarter in Riyadh.

According to CNN, JEC has confirmed that the Jeddah Tower project is still on schedule and will be completed by 2020.

KHC Chief Executive Eng. Talal Al Maiman, who is also the board member of JEC told that the deal, being one of the largest private infrastructure contracts in the Kingdom, will open doors to investment opportunities for all. He added that implementing an advanced infrastructure is considered “an essential step in positioning this mega development as a world-class project.”