Riyadh-Mubasher: Jeddah Economic Co. (JEC), the owner and developer of Jeddah Economic City and Jeddah Tower, has signed an agreement with Alinma Investment, a subsidiary of Alinma Bank, to establish an real estate investment fund worth SAR 8.4 billion.

The Shariah-compliant fund will develop the first phase of Jeddah Economic City and complete the construction of Jeddah Tower, in addition to carrying out some major real estate projects.

The bank will finance the fund that will be managed by Alinma Investment, while JEC will be the exclusive owner of its units.

The move is aimed at diversifying the project’s financing sources, said Prince AlWaleed bin Talal, JEC’s chairman, adding that the project will boost the position of Jeddah city regionally and globally.