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09/02/2018 05:12 AST
Kingdom Holding Company (KHC) has signed an electrical power agreement worth SR180 million ($48 million) with Saudi Electric Company (SEC), on behalf of the JEC partners (which includes Kingdom Holding Company).
The agreement was signed by CEO of KHC Talal Almaiman and Ziad Mohammed Al Shiha, CEO of Saudi Electric Company (SEC).
Almaiman said: "By signing this important electrical power agreement, the main infrastructure services of Jeddah Economic City and Jeddah Tower are considered complete."
Mounib Hammoud, CEO of JEC, said: "The importance of signing this agreement is that it marks the start of the medium-voltage sub-station which will take about three years as it's the key driver for all the support services in addition to supplying the city and tower with electricity for Phase One. Moreover, we will be signing off additional agreements to supply the project with domestic water supply and a district cooling plant for the city that we will be announcing soon."
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