Terminating the agreement to establish a fund with “HHH” and “Jeddah Economic Bank”

Kingdom Holding Company announced the agreement with Sumou Holding Company and Jeddah Economic Company to mutually terminate the agreement to establish a new fund as of January 23, 2025, without any obligations on either party. This decision was taken due to the lack of the primary purpose of establishing the fund.
Kingdom Holding Company had announced on the Saudi Stock Exchange (Tadawul) website on 01/15/1446 AH corresponding to 07/21/2024 AD the signing of an agreement between Kingdom Holding Company, Sumou Holding Company, and Jeddah Economic Company (an associated company) to establish a new fund worth 6.8 billion riyals for acquisitions. The Alinma Jeddah Economic Fund, which is currently wholly owned by the Jeddah Economic Company.
She added: “The Alinma Fund for Jeddah Economic City, wholly owned by Jeddah Economic Company (an associate company), remains in place,” while Kingdom Holding Company continues to support the successful development of the project.
It is worth noting that the fund’s main asset, the Jeddah Economic Company Tower, is witnessing remarkable progress. As announced on October 2, 2024, the Binladin Group was reappointed and work on the project resumed in an accelerated manner, as the appointment of the technical team and consulting engineers was completed and they started on site, and concrete was also poured for the 64th floor in the presence of the partners, led by the Chairman of the Board of Directors of Kingdom Holding Company. His Royal Highness Prince Alwaleed bin Talal, as the partners pay the utmost attention and follow-up to this global symbol, which is integrated with Saudi Vision 2030.