Kingdom Tower to be managed by joint venture
The United Kingdom's EC Harris and Mace had signed a joint venture agreement to provide project management services. The project would be the construction of the Kingdom Tower in Jeddah, the planned one kilometer skyscraper in Saudi Arabia.
The tower's developer, the Jeddah Economic Company, is set to surpass the Burj Khalifa as the world's tallesst building. The Burj Khalifa is set at 828 meters tall while Kingdom Tower is planned to reach 1000 meters. The joint verture was offered USD43.2 million for their services.
The developer had appointed the joint venture as its project manager in February. It said it had to wait almost nine months to formalize the contract. Overall, the deal includes the management of the USD1.23 billion project delivery with the specific requirement on management of programme and cost.
According to Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, the chairman of Jeddah Economic Company Kingdom Holding Company, "This contract further confirms that the Jeddah project continues on its strategic path. 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."
A further statement confirmed that 80% of Jeddah Kingdom Tower piling works had been completed by Saudi Bauer Company. The schedule of its completion would be by the end of the year.
The Kingdom Tower would be the centerpiece of JEC's Kingdom City development, which costs a total of USD20 billion. The site of the project would be the Northern part of Jeddah, as it would be overlooking the Red Sea. It consists of 5.3 square kilometers of urban development and would have residences, commercial areas such as hotels, offices, retail, educational and commercial centers. There would also be inland water features and its completion date is set for 2018.