IslamicFinance.de

Kingdom Tower, the Saudi skyscraper set to be the world’s tallest building, will probably have construction funding in place by the end of the first half. The developer Jeddah Economic Co. is in talks to bring in Riyadh-based Alinma Bank as an adviser and lender. BNP Paribas (BNP) SA is currently advising the company, but the size of loan being sought hasn't been disclosed. The builder has been looking for financing since at least April 2012. Kingdom Holding Co. and partners, including tower builder Saudi Binladen Group, are trying to arrange funding after investing 8.7 billion riyals ($2.3 billion) in the project. They are seeking a bank loan with a maturity of five to seven years.