Kingdom developer, the company owned by Prince Al Waleed bin Talal working on developing the new world tallest tower “the Kingdom Tower” has announced securing a 8.4 billion SAR fund to carry on work on the project.
The fund will be provided by Saudi bank Alinma Investment. It’s worth mentioning that about 26 floors of the tower’s planned 252 have been completed by the project contractor Binladin Group.
The new tower is planned to takeover Burk Khalifa place as the world tallest tower while it’s planned to be completed by 2018.
Commenting on this deal Prince Al Waleed mentioned that the cooperation with the banking sector is a manifestation of their belief in the Kingdom Tower project.
He added also that the agreement with Alinma Bank comes as a part of plan to diversify funding sources of the project.