JEC to raise SR14bn for Kingdom City

May 14, 2014 10:34 am

Jeddah Economic Co (JEC) is in talks with local Saudi banks to raise funds for the SR14bn ($3.73bn) first phase of its Kingdom City project, Reuters has reported. “The financial requirement is for 14 billion riyals to complete phase one by 2020,” said JEC chief executive, Mounib Hammoud, on the sidelines of a construction conference in Dubai. “Our owners have already invested about SR8.7bn into this project, which is a huge investment. The remaining will be financed and we are closing a financing deal with banks which will be announced soon.” If completed, the project’s over one kilometre tall Kingdom Tower will replace Dubai’s Burj Khalifa, 828 meters tall, as the highest in the world.