Kingdom Holding Company (KHC) hereby announces to its shareholders that Jeddah Economic Company, an associate company, has signed an agreement with Saudi Binladin Group Company to resume the construction of Jeddah Economic Company Tower project. The total value of this agreement amounts to SAR 7.2 billion (out of which around SAR 1.1 billion has been already paid for works previously completed on the tower), with an anticipated construction period of 42 months. Jeddah Economic Company will finance the remaining construction of the tower through internal funding, including banking facilities.

The Jeddah Economic Company Tower, will be the world's tallest structure at over 1000 meters, has seen the completion of 63 floors out of the total 157. The tower will be part of the first phase of 1.3 million square meters of the total area of Jeddah Economic Company City, which is approximately 5.3 million square meters. The infrastructure development for the entire first phase, spanning 1.3 million square meters, has been executed, containing essential amenities such as electricity, water, sewage, flood drainage, and high-speed internet connectivity.

Kingdom Holding Company (KHC) was established in 1980 and is a public joint stock company whose shares have been trading in the Saudi Exchange since 2007. KHC is one of the leading global investment companies with investments that span eighteen (18) sectors ranging from hotel management, real estate and hotel properties, digital media & entertainment to financial and investment services, E-commerce, petrochemicals, education, health care and aviation, transportation, alternative financing, as well as other sectors such as energy, artificial intelligence and mining, across the six continents with assets exceeding 50 billion Saudi riyals.