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Kingdom Holding + partners have their eye on the world’s tallest tower: Prince Alwaleed bin Talal’s investment giant Kingdom Holding (KHC) signed an agreement to set up a SAR 6.8 bn fund with Sumou Holding and Jeddah Economic City (Jec) to acquire Alinma Jeddah Economic Fund, which is owned by Jec, it said in a disclosure to Tadawul. The fund will acquire what KHC says will be the world’s tallest tower and some 1.7 mn sqm of adjacent land to the area, according to a post on X.
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Who’s who: Jec is an affiliate of Kingdom Holding, which is 78.1% owned by Prince Alwaleed with 5% of its stock trading on Tadawul. The PIF acquired a 17% stake in KHC from Prince Alwaleed in 2022 in a USD 1.5 bn transaction. Prince Alwaleed’s investment vehicle will hold a 40% stake in the new fund, according to the disclosure. It does not specify the ownership structure for Sumou and Jec in the fund.
A quick refresher: The SAR 8.4 bn Alinma Jeddah Economic Fund was formed in 2015 by Jec and Alinma Bank with a focus on real estate development. The fund was developing the first phase of the Jeddah Economic City project and the USD 1.5 bn Jeddah Tower, which is set to become the world’s tallest building to stand at over 1k meters upon completion. It would eclipse the world’s current tallest building, the Burj Khalifa, which stands 828 meters tall. Construction work on the tower reported resumed earlier this year after a five-year delay.
