1-km Jeddah Tower, formerly known as Kingdom Tower, is reportedly over 20% complete. Kingdom Holding, which owns a third of the tower's developer, Jeddah Economic Company (JEC), said in a statement that 37 floors of the tower have been built. Upon its completion in 2018, the building will be the world's tallest. This announcement came as JEC established the Alinma Jeddah Economic City Fund, after obtaining sharia-compliant financing worth USD960 million (SAR3.6 billion) from Alinma Bank in December. Mounib Hammoud, CEO of JEC, stated that the company is on track to complete the construction of the building as well as the infrastructure of Jeddan Economic City, as per the five year plan developed by Jeddah Economic Company. (Arabian Business)