Kingdom Company (KHC) Announced Bechtel as the Chosen Company to Supervise the Construction of the Massive Jeddah Project, Investment Value Estimated at SR50 billion
(17/09/2007)
Project Master plan received by Pickard Chilton
Kingdom Holding Company, Chaired by HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud, announced today Monday 17th September 2007, that Bechtel (BEKtl) company was chosen to supervise and develop the real estate project in Jeddah. Bechtel company was chosen out of seven other companies that were in a competitive bid to supervise and develop the Jeddah project.
Bechtel is a global engineering, construction and project management company with more than a century of experience on complex projects in challenging locations especially in Saudi. Privately owned with headquarters in San Francisco, they have 40 offices around the world and nearly 40,000 employees.
Kingdom Holding Company received the Jeddah Project Master plan from Pickard Chilton, reputable and renowned designers who have designed some of the world's significant and recognizable buildings, including Kingdom Center recognized by its iconic tower.
The Jeddah project, one of the major real estate projects planned by Kingdom Holding Company, and other projects in Riyadh, has an area of 5.3 million square meters and is located in the city's northern area on the Red Sea coastline, which is a strategic area for the development of this project. The investment value of the project is estimated at SR50 billion upon completion, comprising of a colossal skyscraper with a surrounding area for other facilities (residential, commercial, construction of a five star hotel and offices). The residential area will be 1.5 million square meters, the size of the commercial area will be 470,000 square meters, education vicinity with an area of 150,000 square meters and the size of the offices area will be 800,000 square meters. The remaining lands will be utilized for leisure facilities, tourism and the construction of four star hotels.
Furthermore, there are plans for the development of a diplomatic quarter on the Jeddah land. The site plans for the land were developed by HOK, a Canadian company that has world wide recognition. The project will also connect the Red Sea coastline of the area to Sharm Obhur, an environment of natural beauty. KHC is also currently in cooperation with the Jeddah municipality and other administrations to ensure that all the appropriate requirements are met for the success of the project. KHC is known for the high quality of their real estate projects that have won international awards.
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