Jeddah Economic City, home to the under-construction Jeddah Tower-formerly slated to be the world’s tallest building-has a complex ownership structure, according to newly released documents. The project, a key component of Saudi Arabia’s Vision 2030 initiative to diversify its economy and attract foreign investment, has long been a symbol of the Kingdom’s ambitious development goals [[1]]. An internal review reveals that a majority stake in the multi-billion dollar development is held by just two companies, signaling a calculated balance of power within the massive undertaking. This distribution of ownership could influence the project’s trajectory and future decision-making processes.
Two Companies Control Two-Thirds of Saudi Arabia’s Ambitious Jeddah Economic City Project
Official documents reveal a surprising ownership structure for Jeddah Economic City, the developer behind the iconic Jeddah Tower, reshaping the investment landscape in the Kingdom.
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Kingdom Holding Company and Al-Abrari International jointly hold a combined 66.7% stake in the massive project, with each company possessing an equal 33.35% share. The remaining portion of the project is divided between two prominent local partners.
The distribution reflects a carefully balanced power dynamic, preventing any single entity from unilaterally dictating decisions and necessitating strategic alliances among stakeholders. This structure is particularly noteworthy given the scale and significance of Jeddah Economic City, a project intended to diversify the Saudi economy and attract foreign investment.
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Abdulrahman Hassan Sharbatly holds a 16.67% stake, narrowly exceeding the 16.63% share held by Saudi Binladin Group.
This ownership breakdown highlights the interplay between substantial institutional investment and local development expertise, potentially influencing the pace of decision-making and the future direction of the world’s planned tallest building. The project’s future is closely watched by investors and industry observers as Saudi Arabia continues to pursue its Vision 2030 economic diversification plan.
