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Finance secured for world?s largest building

Profile Photo By: Steve Shellum
December 1, 2015

Finance secured for world?s largest building

Jeddah Tower in the Red Sea cityThe Saudi developer behind plans for the world’s tallest building said it had secured financing to complete the record-breaking project, Agence France-Presse reported.
Kingdom Holding Co, chaired by billionaire Saudi Prince Alwaleed bin Talal, said its affiliate Jeddah Economic Company had reached a more than US$2 billion financing deal with Saudi Arabia’s Alinma Investment to finish the Jeddah Tower in the Red Sea city.
Previously dubbed ?Kingdom Tower?, the 170-storey building is to rise more than a kilometre, surpassing Dubai’s Burj Khalifa as the world’s highest building.
Alwaleed said a year ago that the tower, which will feature a hotel, apartments and offices, was slated for completion in 2018. At that time the four-storey foundations of the building were finished and Alwaleed said ?now we are on the verge of building a floor every four days?.

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