JEDDAH: Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), held the 3rd meeting in Jeddah with the Jeddah Project partners - Saleh Bin Laden, Samaual Bakhsh and Abdulrahman Hassan Sharbatly.
Following the meeting, Sharbatly hosted a dinner in honor of the prince and the board members. Talal Al-Maiman, executive director, Development and Domestic Investments, chairman and CEO of Kingdom Real Estate Development Company (KRED), a board member of KHC and Jeddah Economic Company (JEC), Shadi Sanbar, KHC's CFO, Waleed Batterjee, CEO of JEC, Hassan Abdulrahman Sharbatly, Husam Hamdy, general manager of Saudi Bauer, and Nabil Batrawi, project director SBG, also attended the meeting.
During the meeting, Prince Alwaleed and the partners discussed the latest developments and progress of the mega Jeddah project. In addition, the piling contract with the value of SR 152,856,091 was awarded to Saudi Bauer under the supervision of Saudi Bin Laden Group (SBG), the main contractor. Saudi Bauer was selected based on its expertise and renowned worldwide specialization in this field.
Prince Alwaleed commented: "Jeddah Tower is on a solid strategic path."
Al Maiman said: "The vision of constructing the tallest tower in the world in Jeddah belongs to Prince Alwaleed, who was closely involved in the selection of the scheme currently under design. The decision of the partners to build the world's tallest building further demonstrates their belief in investing in this nation."
In April 2012, Prince Alwaleed who initiated and has been the driving force behind the decision to build the world's tallest tower in Jeddah, in the Kingdom of Saudi Arabia, announced the investment of SR 1.5 billion from the SBG for a 16.63 percent stake in (JEC), owner of the Jeddah Mega Project that includes the world's tallest tower (Kingdom Tower) with a height of over 1,000 meters at a total cost of SR 4.6 billion. The Kingdom Tower will be the centerpiece and the first construction phase of Kingdom City Jeddah. The overall estimated cost of the entire Kingdom City project is anticipated to be SR 75 billion ($20 billion).
JEC new urban development of more than 5.3 million sqm of land in the north of Jeddah overlooking the Red Sea and Obhur Creek. The partners of JEC are Kingdom Holding Company with a stake of 33.35 percent, Saudi Bin Laden Group with a 16.63 percent stake, Abraar International Holding Company represented by Samaual Bakhsh, with a stake of 33.35 percent, and prominent Jeddah businessman Abdulrahman Hassan Sharbatly with a stake of 16.67 percent. The final license to construct the tower was formally received from the Jeddah municipality in February 2012.
Alwaleed: Jeddah Tower is on a solid strategic path
Alwaleed: Jeddah Tower is on a solid strategic path
Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness
RIYADH: Saudi stocks fell sharply on Tuesday, with the Tadawul All Share Index closing down 108.14 points, or 1.03 percent, at 10,381.51.
The broader decline was reflected across major indices. The MSCI Tadawul 30 Index slipped 0.78 percent to 1,378.00, while Nomu, the parallel market index, fell 1 percent to 23,040.79.
Market breadth was strongly negative on the main board, with 237 stocks falling compared to just 24 gainers. Trading activity remained robust, with 164.7 million shares changing hands and a total traded value of SR3.19 billion ($850.6 million).
Among the gainers, SEDCO Capital REIT Fund led, rising 2.73 percent to SR6.77, followed by Chubb Arabia Cooperative Insurance Co., which gained 2.69 percent to SR20.20.
National Medical Care Co. added 1.72 percent to close at SR141.60, while Alyamamah Steel Industries Co. and Thimar Advertising, Public Relations and Marketing Co. advanced 1.57 percent and 1.13 percent, respectively.
Losses were led by Al Masar Al Shamil Education Co., which tumbled 8.36 percent to SR24.65. Raoom Trading Co.fell 6.75 percent to SR64.20, while Alkhaleej Training and Education Co. dropped 6.60 percent to SR18.12 and Naqi Water Co. declined 5.51 percent to SR54.00. Gulf General Cooperative Insurance Co. closed 5.44 percent lower at SR3.65.
On the announcement front, Chubb Arabia Cooperative Insurance Co. signed a multiyear insurance agreement with Saudi Electricity Co. to provide various coverages, expected to positively impact its financial results over the 2025–2026 period. The deal will run for three years and two months and is within the company’s normal course of business.
Meanwhile, Bupa Arabia for Cooperative Insurance Co. announced a one-year health insurance contract with Saudi National Bank, valued at SR330.2 million, covering the bank’s employees and their families from January 2026. Despite the sizable contract, Bupa Arabia shares fell 0.8 percent to close at SR137, weighed down by the broader market weakness.
In contrast, United Cooperative Assurance Co. revealed an extension of its engineering insurance agreement with Saudi Binladin Group for the Grand Mosque expansion in Makkah. The contract value exceeds 20 percent of the company’s gross written premiums based on its latest audited financials and is expected to support results through 2026. However, the stock came under selling pressure, ending the session down 4.51 percent at SR3.39.
