Riyadh – Mubasher: Kingdom Holding Company, Sumou Holding Company, and Jeddah Economic Company signed a deal to develop a new fund worth SAR 6.80 billion.

The joint venture (JV) will be established to acquire the Alinma Jeddah Economic Fund, which is currently fully owned by Jeddah Economic, according to a bourse disclosure.

The new fund investors will include Kingdom Holding, Sumou Holding, and Jeddah Economic.

Under the joint agreement, the Tadawul-listed group and Sumou Holding will own 40% of the new fund, each. Meanwhile, Jeddah Economic will hold a 4.10% share.

Jeddah Economic Fund owns Jeddah Tower, which is set to be the world's tallest tower. Its area and surrounding lands are about 1.70 million square metres.

The Jeddah Tower is expected to enrich the local economy and provide new job opportunities. It will also reinforce Jeddah and the Kingdom’s global economic and tourism hub position.

In the first quarter (Q1) of 2024, Kingdom Holding posted net profits valued at SAR 196.19 million, an annual jump of 14.68% from SAR 171.07 million.