Prince Alwaleed Heads Jeddah Economic Company’s 4th Board Meeting in Riyadh

Prince Alwaleed commented: “The world’s tallest Tower with value of SR 4.6 billion is progressing as planned.”

HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, chairman of Kingdom Holding Company (KHC), headed the 4th  board of directors meeting of Jeddah Economic Company in Riyadh with the board members; Mr. Abdulrahman Hassan Sharbatly, Mr. Saleh Bin Laden, Mr. Samaual Bakhsh and Eng. Talal Almaiman.

In the meeting, Eng. Talal Al Maiman, Executive Director Development and Domestic Investments, Chairman and CEO of Kingdom Real Estate Development Company (KRED), a board member of Kingdom Holding Company and Jeddah Economic Company (JEC) updated the board about the final agreement with the Four Seasons  relating  to operating the luxury designed hotel in the world’s tallest tower which will be more than 1000 meters high with value of SR 4.6 billion.  

Eng. Waleed Batterjee, Chief Executive Officer, Jeddah Economic Company (JEC) briefed the board about the status of the project and presented them with the progress of the piling works being done by Saudi Bauer Company. The board also reviewed Memoranda of Understanding relating to infrastructure and services for the project including electricity, water and district cooling.

Arch. Hassan Abdulrahman Sharbatly updated the board about the negotiation with the project management companies additional to the existing project engineers; Dar Alhandasah.

The Board confirmed discussion regarding all the services and infrastructure required for the site & Kingdom City Jeddah. The Board has also expressed their satisfaction of how the project is progressing and the piling works taking place as the first stage of starting the tower works.

The meeting was also attended by,  Mr. Shadi Sanbar, Kingdom Holding Company board member and CFO, Mr. Mohamed Fahmy, Deputy CFO, Kingdom Holding Company, Mr. Sadik Afzal from Abrar Holding Company, Mr. Naiem Waziri of Saudi Bin Laden Group, Mr. Majid Al Toukhi, Director of Business Development & Operations, Kingdom Real Estate Development Company (KRED), Mr. Bashar Kayyali, Consultant to Kingdom Real Estate Development Company (KRED) and Mr. Fahad Bin Saad Bin Nafel, Executive Assistant to HRH the Chairman.