The Kingdom Holding Company has signed an agreement with Sumou Holding and the Jeddah Economic Company to establish a new fund worth SAR6.8 bn ($1.81 bn), Invest-Gate reports.
This fund will acquire the Alinma Jeddah Economic City Fund, currently fully owned by the Jeddah Economic Company.
In a Sunday statement to the Saudi Stock Exchange (Tadawul), Kingdom Holding announced that the alliance for the new fund would include Kingdom Holding, Sumou Holding, and Jeddah Economic Company.
Additionally, the financial impact of this agreement will be disclosed after the Jeddah Economic Company completes the financial assessment in its accounting records.
Kingdom Holding will own a 40% stake in the new fund. The agreement, highlighted on Kingdom Holding’s official “X” account, involves the acquisition of the world’s tallest tower and 1.7 million sqm of surrounding land.