Funding Pact Backs Saudi Mega-Project


Officials from Jeddah Economic Co. and Alinma sign the agreement creating the Alinma Jeddah Economic City Fund.

JEDDAH, Saudi Arabia—Jeddah Economic Co., co-founded by Kingdom Holding Co., signed a deal on Sunday with Saudi Arabia’s Alinma Investment to initiate a SAR8.4-billion (approximately US$2.23 billion) fund. Initially, the fund will be used to develop the 370-acre first phase of the Jeddah Economic City project and finish construction work on Jeddah Tower, which is planned as the world’s tallest building.

Alinma Bank will finance the fund, to be known as Alinma Jeddah Economic City Fund and managed by Alinma Bank entity Alinma Investment, while JEC will be the master developer of projects that will draw on the fund’s credit lines. Prince Alwaleed Bin Talal, chairman of Kingdom Holding, will chair the fund’s board…

Funding Pact Backs Saudi Mega-Project

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