JEDDAH Economic Company, part of Kingdom Holding Company, and Emaar Properties of Dubai have signed a deal under which the latter will offer management services for the Kingdom City project, which also includes the planned Kingdom Tower, the highest in the world.
Prince Alwaleed bin Talal bin Abdulaziz Alsaud, chairman of Kingdom Holding, represented Jeddah Economic Company, and Mohammed bin Ali Al Abbar, chairman of Emaar signed on behalf of Emaar, at Kingdom Company’s office in Riyadh.
Kingdom City is located 20 km from the old city of Jeddah near King Abdulaziz International Airport. It will be spread over 5.3 sq km, and will comprise buildings covering 23 million sq m.
These will include commercial, residential, institutional, educational, entertainment, retail and hotel facilities.
Kingdom City is expected to house 80,000 residents and accommodate 250,000 visitors who will enjoy facilities like lakes, canals, water sports and other leisure activities.
The centrepiece of the development is the 1,000-m-high Kingdom Tower, which will rise from a large retail and conference centre podium and include five-star hotel accommodation, office space and luxury residences that encompass dramatic, sweeping views of the Red Sea, Obhur Creek and the mountains to the east.
The Kingdom City and Kingdom Tower projects, worth a total investment of more than SR100 billion ($26.7 billion), were inaugurated last October by King Abdullah of Saudi Arabia.