Jeddah Economic Company awards 162m Saudi riyal deal

Jeddah Economic Company (JEC) has appointed Britain’s EC Harris Mace to provide project management services for the SR4.6 billion Kingdom Tower project in Jeddah. This was announced in a press release from Kingdom Holding Company (KHC), chaired by Prince Alwaleed bin Talal. The contract value is SR162 million and includes the management of all aspects of the project’s delivery with specific emphasis on the management of program and cost. Prince Alwaleed, also chairman of JEC, said: “This contract further confirms that the Jeddah project continues on its strategic path.” Talal Al-Maiman, executive director, development and domestic investments, chairman and CEO of Kingdom Real Estate Development Company (KRED) and a board member of KHC and JEC, said: “The selection of the working team has been completed to realize the vision of the investors and the city of Jeddah for this world-class standard national project.” He said 80 percent of Jeddah Kingdom Tower piling works had been completed by Saudi Bauer Company. It will be fully completed at the end of this year. In June 2013, Prince Alwaleed visited JEC project site that will include the highest tower in the world. Prince Alwaleed’s visit came within the framework of supporting the planned work in progress, as he observed the piling works. The prince was also briefed the on construction plans and phases. Thereafter, the prince commended the project team and urged everyone to continue the diligent work. Also in June 2013, Prince Alwaleed headed the fourth board of directors meeting of Jeddah Economic Company in Riyadh with the board members; Abdulrahman Hassan Sharbatly, Saleh Bin Laden, Samaual Bakhsh and Talal Almaiman. At the meeting, Talal Al-Maiman, executive director development and domestic Investments, chairman and CEO of Kingdom Real Estate Development Company (KRED), a board member of KHC and JEC, updated the board about the final agreement with the Four Seasons relating to operating the luxury designed hotel at the world’s tallest tower. The board of JEC was briefed about the status of the project and presented them with the progress of the piling works being done by Saudi Bauer Company and Main contractor works Saudi Binladin Company. The board also reviewed memoranda of understanding relating to infrastructure and services for the project including electricity, water and district cooling. Architect 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 and 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 Shadi Sanbar, KHC board member and CFO, Mohamed Fahmy, deputy CFO, KHC, Sadik Afzal from Abrar Holding Company, Naiem Waziri of Saudi Bin Laden Group, Majid Al-Toukhi, director of business development and operations, KRED, Bashar Kayyali, consultant to KRED and Fahad bin Saad bin Nafel, executive assistant to the chairman. Source: Arab News