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Power 60 2015

#47 Jeddah Economic Company

Mounib Hammoud

Projects:

Kingdom City in Jeddah, Saudi Arabia.

  • Kingdom Tower
  • Financial District
  • Business District
  • Old Town
  • Water Edge

Co-founded by Kingdom Holding Company, Jeddah Economic Company (JEC) was established in 2009 with the purpose to develop the Kingdom City, Jeddah. The project will feature the soon-to-be tallest building in the world, 1,000-metre Kingdom Tower, to attract business and tourism. The tower aims to be an iconic marker of Jeddah’s historic importance as the gateway to the holy cities of Makkah and Madinah.

The Kingdom Tower Jeddah has been the vision of HRH Prince Alwaleed, who was closely involved in all facets of the planning, design and the selection of Adrian Smith + Gordon Gill Architects (AS+GG) as principal architects.

The entire Kingdom City project on the Red Sea coast includes residential units, commercial units, an international hotel, business offices, educational centres, a diplomatic area, commercial centres, entertainment and tourist facilities, and water sports activities, all within a modern city located in a to be determined strategic location set to be an attraction for business and tourism.

Principal JEC financiers are Kingdom Holding Company, Abrar Holding Company, owned by Samaual Bakhsh, Qila’a Jeddah Company, owned by businessman Abdulrahman Hassan Sharbatly, as well as Kingdom Tower’s primary contractor, Saudi Bin ladin Group. JEC’s assets have a book value of nearly SAR9 billion.

CEO, Mounib Hammoud, has over 30 years’ experience in city making, land development, real estate development, retail and tourism projects development, strategic planning, corporate finance and financial architecture, sales and marketing of real estate projects; in the Middle East, North Africa and Europe.

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