Kingdom Holding’s Stock Jumps on Contract for Record-High Tower
Kingdom Holding Co. (KINGDOM) rose to a one- month high in Riyadh trading after billionaire owner Prince Alwaleed bin Talal awarded Saudi Binladin Group a contract to build the world’s tallest skyscraper for the company.
Kingdom rose as much as 3.2 percent to 8.10 riyals, the highest intraday price since July 3, and was up 1.9 percent as of 12:40 p.m.
The investment company’s planned tower, in the Saudi port city of Jeddah, will have a height exceeding 1,000 meters (3,300 feet) and cost 4.6 billion riyals ($1.2 billion) to construct, Kingdom Holding said in a statement today.
The 828-meter Burj Khalifa in Dubai is currently the world’s tallest skyscraper.
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