IslamicFinance.de

Saudi Arabia's Kingdom Holding said its affiliate Jeddah Economic Co (JEC) had arranged financing to complete construction of the world's tallest building. JEC agreed with Alinma Bank to establish an 8.4 billion riyal ($2.2 billion) real estate development fund that will finish work on the $1.2 billion Kingdom Tower in Jeddah. The Islamic fund will also develop the 1.5 sq km (0.6 sq miles) first phase of the Jeddah Economic City project. In addition to Kingdom Tower, the scheme is to include Saudi Arabia's largest shopping mall. Alinma Bank will finance the new fund, which is to be managed by Alinma Investment, Kingdom added without elaborating on how the money would be raised.