Kingdom Holding turns to banks for Saudi tallest tower funding.Prince Alwaleed bin Talal, will embark on talks with banks in Saudi Arabia Saudi Arabia (sä `dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. , with a view to financing his Kingdom Holding firmAAEs project to
build the worldAAEs tallest
tower in the Red Sea port city of Jeddah. KingdomAAEs financial adviser BNP Paribas is the reported arranger behind the dialogue taking place in the Saudi capital Riyadh. The firm announced that it had gained shareholder approval to sell bonds valued up to 3.75 billion Saudi Riyals (US$ 1 billion) either internally in Saudi Arabia or to foreign investors as of the 28th of March 2012. Final building licences for the 1 kilometre (0.62 mile) tall Kingdom Tower were awarded in February. The gigantic building will become the centrepiece of Kingdom City a new 5.3 million square metre (57 million square feet) urban development in Jeddah. Significantly taller than DubaiAAEs Burj Khalifa, the skyscraper will cost 4.6 billion Saudi Riyals (US$ 1 billion) to build. In combination with the surrounding Kingdom City development, located 20 kilometres (12 miles) to the north of Jeddah, the project will cost US$ 20 billion to deliver overall. In August last year it was announced that the Saudi Binladen Group had been contracted as the main construction contractor on the project, preliminary construction work commenced in March. Adrian Smith + Gordon Gill Architecture Adrian Smith + Gordon Gill Architecture is an architecture firm and design firm based in Chicago. AS+GG was founded in Chicago in 2006, by Adrian Smith, Gordon Gill, and Robert Forest when they left the Chicago office of Skidmore, Owings and Merrill LLP (SOM). are the designers of the Kingdom Tower, Smith formerly worked for Skidmore, Owings and Merrill Skidmore, Owings and Merrill, American architectural firm founded in 1936 in New York City by Louis Skidmore (1897–1962), Nathaniel A. Owings (1903–84), and John O. Merrill (1896–1975). , the firm responsible for the Bur Khalifa in Dubai. However, he has been involved the design of a number of other super-tall structures elsewhere, particularly in China, including the Jin Mao Tower in Shanghai, Nanjing Greenland Financial Center in Nanjing as well as the under construction Pearl River Tower This article or section contains information about expected future buildings or structures. Some or all of this information may be speculative, and the content may change as building construction begins. in Guangzhou. He has also worked on the Trump International Hotel & Tower in Chicago, Illinois, USA. Kingdom Holding is an investment company founded in 1980, Prince Alwaleed bin Talal owns 95 per cent of the equity and it reportedly has assets valued at in excess of US$ 25 billion. It holds interests in a diverse range of industries, many of them involving global brands: AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. , Apple, Citigroup, Fairmont Hotels, Four Seasons Hotels, Hewlett Packard, Kodak, Motorola, Newscorp, Songbird Estates, Time Warner, Twitter and Walt Disney. Copyright Andy McTiernan. All rights reserved. Provided by Syndigate.info an Albawaba.com company |
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