Economic City of Jeddah and Binladin Group Sign Contract Worth 7.2 Billion SAR to Complete Jeddah Tower

Aleqtsad. Jeddah

### Economic City of Jeddah Signs Agreement with Binladin Group for Tower Construction

**Jeddah, Saudi Arabia** – The Economic City of Jeddah, a subsidiary of Kingdom Holding Company, has signed an agreement with the Binladin Group to continue construction works on the Jeddah Tower project.

In a statement released on Tadawul today (Wednesday), Kingdom Holding Company announced that the total value of the contract amounts to 7.2 billion SAR. The company noted that approximately 1.1 billion SAR has already been paid as part of the total contract value for the construction work completed on the tower, with an execution period set for 42 months.

The Economic City of Jeddah will finance the completion of the tower’s construction through self-funding and banking facilities.

Once completed, the Jeddah Tower is set to become the tallest building in the world, reaching over 1,000 meters in height. Currently, 63 out of the planned 157 floors have been completed.

The tower will be part of the first phase, covering an area of 1.3 million square meters, out of a total area of approximately 5.3 million square meters for the entire Economic City of Jeddah.

Infrastructure work for the entire 1.3 million square meter area of the first phase has been completed, including essential services such as electricity, water, sewage systems, stormwater drainage, and high-speed internet access.