It is made up primarily of financiers (stakeholders) Kingdom Holding Company (33.35%), Abrar Holding Company (33.35%), which is owned by Samaual Bakhsh, and businessman Abdulrahman Hassan Sharbately (16.67%), as well as the tower’s own contractor, Saudi Binladin Group (16.63%).JEC’s assets have a book value of nearly SR9 billion, broken down between a land bank of over 5,300,000 m2 (57,048,725 sq ft) (the Jeddah Economic City plot) with a value of SR7.3 billion that will be used as collateral to attain bank loans, and SR1.5 billion in cash.
Kingdom Holding is an investment company founded in 1980 and 95% owned by Prince Talal that has assets valued at over $25 billion, with interests in many major companies such as Walt Disney, Pepsico, Kodak, Apple, Hewlett Packard, Motorola, Time Warner, Newscorp, Pinnacle Infotech Solutions and Citigroup, as well as real estate in London through its Songbird Estates division.It is the centerpiece and the first phase of an SR75 billion (US$20 billion) proposed development known as Jeddah Economic City that will be located along the Red Sea on the north side of Jeddah. Saudi Arabian residents are allowed to start purchasing the apartments while foreigners are allowed to purchase apartments if they get government approval.Initially, after a series of investigations of the soil in the region it was said that the construction of the tower was ready and would start in 2012 and by 2011, the common phrase was that construction would start no more than December.
The Jeddah tower, previously known as the kingdom tower is a skyscraper nearing its completion in Jeddah, Saudi Arabia. The development of Jeddah Tower seeks to bring great changes in terms of development and tourism to the city of Jeddah,which is considered the most liberal city in Saudi Arabia.The building has been scaled down from its initial (about one mile) proposal, which was never fully designed, to a height of at least 1,000 metres (3,281 ft) (the exact height is being kept private while in development, similar to the Burj Khalifa). Jeddah Economic Company is a closed joint stock company (PJSC) formed in 2009 as a financial entity for Jeddah Tower and Jeddah Economic City. Concerns were raised about the structure leading to the height being reduced to the current one.
Further, the government plans to channel funds in real housing to curb the issue.
Jeddah Tower by Adrian Smith + Gordon Gill Architecture, Jeddah, Saudi Arabia. Its name “Burj Khalifa” is Arabic in origin, and is interpreted to means the Khalifa tower in English. The tower is also equipped with over 50 elevators providing access to hotels and apartments in the various parts of the building.The primary reason for the construction of the tower was to ensure that there is equitable access to social facilities in the region.
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