(MENAFN) Jeddah Economic Co. is seeking Saudi banks to raise funds for the first phase of its Kingdom City project, which may cost USD3.73 billion, according to Arab News.
The new project will replace Dubai's Burj Khalifa once completed and become the highest in the world.
Chief executive of the Jeddah Economic Co. said that the Kingdom City in Jeddah will include a number of mixed-use residential and commercial developments.
Mounib Hammoud said: "The financial requirement is for 14 billion riyals to complete phase one by 2020."
He added: "Our owners have already invested about 8.7 billion riyals into this project, which is a huge investment. The remaining will be financed and we are closing a financing deal with banks which will be announced soon."
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