JEC signs SR620m deal to start work on infrastructure networks

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JEC signs the infrastructure agreement with Al-Fouzan General Contracting Company on Tuesday. — Courtesy photo
JEC signs the infrastructure agreement with Al-Fouzan General Contracting Company on Tuesday. — Courtesy photo

ENG. Talal Al Maiman, CEO of Kingdom Holding Company (KHC) and board member of Jeddah Economic Company (JEC), the developer of Jeddah Tower and Jeddah Economic City projects, signed with Al-Fouzan General Contracting Company a SR620 million ($165 million) agreement on behalf of Alinma Jeddah Economic City Real Estate Fund and Jeddah Economic Company partners that includes Kingdom Holding Company, Saudi Binladin Group, Kelaa Jeddah for Real-Estate Investment and Abrar International Holding for the construction of the infrastructure networks of Jeddah Economic City around Jeddah Tower, the tallest tower in the world within a time frame completion of 12 months.

The signing ceremony took place on Tuesday at KHC’s headquarter in Riyadh in the presence of Saleh Al Henaki, CEO of Alinma Investment Company, Sultan 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 Company.

Al Maiman stated: “This is one of the largest private infrastructure contracts in the Kingdom of Saudi Arabia and the signing of the contract will open the doors to investment opportunities for all.”

He added, “This project is in line with Saudi Arabia’s Vision 2030 and we thank many governmental sectors and authorities for their continuous support, that include: The Ministry of Municipalities and Rural Affairs, Jeddah Municipality, Civil Defense, Civil Aviation, Ministry of Housing, Ministry of Commerce. This support encourages further development in achieving the vision on economic, social and environmental fronts.”

Hammoud, CEO of JEC, commented: “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 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.

“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 center. Jeddah Economic City Project will anchor the growth of Jeddah and will offer thousands of job opportunities for young Saudis in various fields.” — SG


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