Logos ofKingdom Holding Co. (KHC),Sumo Holding Co. and Jeddah Economic Co. (JEC)
Kingdom Holding Co. (KHC) said all parties, including Sumo Holding Co. and Jeddah Economic Co. (JEC), an associate company, have mutually agreed to terminate the SAR 6.8 billion ($1.8 billion) fund agreement. The decision takes effect today, Jan. 23, 2025, with no obligations on any party. 
The agreement was canceled as its primary purpose no longer exists. However, Alinma Jeddah Economic City Real Estate Fund, which is currently wholly owned by JEC, will remain in place, the company said in a statement on Tadawul.
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KHC continues to support the project’s development.
The fund’s main asset, JEC Tower, is making progress. Saudi Binladin Group was reappointed, and work resumed at an accelerated pace, as announced on Oct. 2, 2024. The technical and consulting teams are in place and have started on-site operations.
Concrete pouring for the 64th floor was completed in the presence of key partners, including KHC’s Chairman, Prince Alwaleed bin Talal. The project remains a top priority for stakeholders and aligns with Saudi Vision 2030.
Kingdom Holding, Sumo Holding, and Jeddah Economic Co. agreed in July 2024 to establish a SAR 6.8 billion fund to acquire the Alinma Jeddah Economic City Fund, currently fully owned by Jeddah Economic Co.
KHC, Sumou Holding, and JEC signed an agreement in July 2024 to establish a new fund worth SAR 6.8 billion to acquire Alinma Jeddah Economic City Fund, which is currently wholly owned by JEC, according to Argaam’s data.
Logos ofKingdom Holding Co. (KHC),Sumo Holding Co. and Jeddah Economic Co. (JEC)
Kingdom Holding Co. (KHC) said all parties, including Sumo Holding Co. and Jeddah Economic Co. (JEC), an associate company, have mutually agreed to terminate the SAR 6.8 billion ($1.8 billion) fund agreement. The decision takes effect today, Jan. 23, 2025, with no obligations on any party.
The agreement was canceled as its primary purpose no longer exists. However, Alinma Jeddah Economic City Real Estate Fund, which is currently wholly owned by JEC, will remain in place, the company said in a statement on Tadawul.
For more news on listed companies
KHC continues to support the project’s development.
The fund’s main asset, JEC Tower, is making progress. Saudi Binladin Group was reappointed, and work resumed at an accelerated pace, as announced on Oct. 2, 2024. The technical and consulting teams are in place and have started on-site operations.
Concrete pouring for the 64th floor was completed in the presence of key partners, including KHC’s Chairman, Prince Alwaleed bin Talal. The project remains a top priority for stakeholders and aligns with Saudi Vision 2030.
Kingdom Holding, Sumo Holding, and Jeddah Economic Co. agreed in July 2024 to establish a SAR 6.8 billion fund to acquire the Alinma Jeddah Economic City Fund, currently fully owned by Jeddah Economic Co.
KHC, Sumou Holding, and JEC signed an agreement in July 2024 to establish a new fund worth SAR 6.8 billion to acquire Alinma Jeddah Economic City Fund, which is currently wholly owned by JEC, according to Argaam’s data.
