Kingdom, Sumou in deal to buy world's tallest tower project
JEDDAH, July 22, 2024
Kingdom Holding Company said it has signed an agreement with Sumou Holding to acquire the Alinma Jeddah Economic City Fund - valued at SAR6.8 billion ($1.8 billion). The Fund owns the tallest tower in the world coming up at Jeddah along with the 1.7 million sq m of land located adjacent to it.
The duo has entered into a deal with the fund's owner Jeddah Economic Company (JEC) for the take-over, said the global investment company in its filing to Saudi bourse Tadawul.
The agreement was signed in the presence of Prince Al Waleed bin Talal bin Abdulaziz Al-Saud, the Chairman of the Board of Directors of Kingdom Holding Company and Ayedh bin Farhan Al Qahtani, the Chairman of the board of directors of Sumou Holding Company.
The JEC is currently developing the Jeddah Tower project in Saudi Arabia, whose towering structure will exceed 1,000 m in height.
For this ambitious project, the key architect is US-based Adrian Smith & Gordon Gill, and engineering consultant is Lebanon’s Dar Al Handasah (Shair & Partners).
The multi-use Jeddah Tower includes the Four Seasons Hotel, a shopping mall, commercial offices, and luxury residential units.
The nearby lands, part of the acquisition agreement, include towers, residential and commercial complexes, shopping, entertainment and tourism areas, and international hotels.
Under the new arrangement, the alliance parties will be Sumou Holding Company and Kingdom Holding Company (which will acquire a 40% stake in the fund), while Jeddah Economic Company will have a 4.1% share.-TradeArabia News Service
