Jeddah Economic Company and Saudi Arabia’s Alinma Investment have established a SR8.4bn ($2.24bn) fund that will be used to finance the first phase of the Jeddah Economic City project and finish construction work on the 1,008 metre-tall Kingdom Tower.

The Alinma Jeddah Economic City Fund is a Sharia-compliant fund that will operate under the Saudi Arabian Capital Market Authority (CMA). Alinma Bank will finance the fund that will be managed by Alinma Investment.

Prince Alwaleed bin Talal bin Abdulaziz al-Saud, chairman of Kingdom Holding Company will chair the fund’s board, with AbdulMohsen al-Faris, chief executive officer of Alinma Bank, as deputy chairman. The other board members will be Abdulrahman Sharbatly, Saleh Binladin, Talal al-Maiman, Hassan Sharbatly, Samawal Bakhsh, Abdulrahman Jawah, Fouad al-Rashid, Mohammed al-Shuhaibany and Bandar al-Turki.

Construction of the 1,008-metre-tall Kingdom Tower, which is also known as Jeddah Tower, has reached the 26th floor. With funding now in place Jeddah Economic Company expects the tower to be completed on time in 2018.

The first phase of Jeddah Economic City will cover an area of 1.5 square kilometres, and once complete will have more than 3.3 million square metres of property.

The contractor working on the tower is the local Saudi Binladin Group. UK-based EC Harris/Mace is the project manager. US firm Adrian Smith & Gordon Gill is the architect.