New fund to finance tallest building in the world
King & Spalding advises Alinma Investment Company and Jeddah Economic Company (JEC) on the creation of a Shari’ah-compliant SAR8.4 billion (US$2.23 billion) fund that will finance the completion of Jeddah Tower, which will be the world’s tallest tower, at over a kilometre high. The tower will include a Four Seasons Hotel, residences of different sizes and office space.
The tower is currently complete to the 27th floor and this new fund will help to finish the ambitious project. The finished tower will taper towards the top, drastically reducing structural loads on such a tall building but the shape is also inspired by leaves shooting upward from the ground. The finished building will emanate growth and prosperity.
Within the Y-shape of the building, each wing of the tower will terminate at different heights, allowing them to taper at different rates and establish a distinct three-part spire. The supporting structure for the building is comprised entirely of cast-in-place reinforced concrete walls, coupling beams, and conventionally reinforced plate concrete floor framing. Due to the continuous and uninterrupted vertical nature of the walls, a highly efficient jump form system is utilized that will permit a continuous and uninterrupted construction process.