The local Al-Fouzan General Contracting Company has been awarded a SR620m ($165m) contract for the construction of infrastructure at Jeddah Economic City.

The 12-month contract involves general infrastructure work around the under construction Jeddah Tower, which is planned to be the world’s tallest tower when it is completed.

The contract was awarded by Jeddah Economic City Real Estate Fund and Jeddah Economic Company, which are backed by the local Kingdom Holding Company, Saudi Binladin Group, Kelaa Jeddah for Real-Estate Investment and Abrar International Holding.

Jeddah Economic City involves the development of 5.3 million square metres of land on the outskirts of the port city on Saudi Arabia’s Red Sea coast.

In total, the project is expected to cost SR75bn, with Saudi Binladin’s construction contract for the tower alone valued at SR4.6bn.