April 16, 2012 – Saudi Binladin Group has bought a 16.6 percent stake in Jeddah Economic Company (JEC), owner of the Kingdom Tower project, for $400 million (SR1.5 billion). According to Kingdom Holding Co., which owns a 33.3 percent stake in JEC, the investment brings JEC’s total capital to $2.35 billion (SR8.81 billion).

Kingdom Tower, a 3,280.83-foot (1-kilometer) tall skyscraper, is worth an estimated $1.23 billion (SR4.61 billion) and is expected to be completed in 2017. The building will include a Four Seasons hotel, Four Seasons-serviced apartments, office space, luxury condominiums, and an observatory that will surpass the world’s current highest observation deck. Kingdom Tower will be the centerpiece and the first construction phase of Kingdom City in Jeddah, the urban development project of JEC located on more than 2.05 square miles (5.3 square kilometers) of land overlooking the Red Sea. The overall estimated cost of the entire Kingdom City project is anticipated to be $20 billion (SR75 billion).