Jeddah, KAS: In the presence of His Royal Highness Prince Al-Waleed bin Talal bin Abdulaziz Al-Saud, the Chairman of the Board of Directors of the “Kingdom Holding Company”, and Mr. Ayedh bin Farhan Al-Qahtani, the Chairman of the board of directors of “Sumou Holding Company” an agreement was made to form an alliance to acquire the “Al-Inma Jeddah Economic Fund”, valued at 6.8 billion Saudi Riyals (SAR).

The alliance parties will be “Sumou Holding Company” and “Kingdom Holding Company” continue to acquire a 40% stake in the fund, while “Jeddah Economic Company” will hold a 4.1% share.

Notably, Jeddah Economic Fund owns Jeddah Tower, which will be, after the completion, the world's tallest tower. Its area and surrounding lands is about 1.7 million square meters.

The multi-use “Jeddah Tower” includes the Four Seasons Hotel, a shopping mall, commercial offices, and luxury residential units. The nearby lands, part of the acquisition agreement, include towers, residential and commercial complexes, shopping, entertainment and tourism areas, and international hotels.

The "Jeddah Tower" is expected to be a global attraction for many visitors and investors, enrich the local economy, and provide new job opportunities. It will strengthen Jeddah and the Kingdom’s global economic and tourism hub position.