Besix Group (Belgian Six Construct), which constructed the Burj Khalifa, was previously considered for the contract, but did not win, partially because SBG invested in Jeddah Economic Company (JEC), contributing SR1. 5 billion (US$400 million) towards the development of the project, and holding a 16. 6 percent stake in Jeddah Economic Company. Besix admitted in 2010 that they expected Binladin Group to win the contract. Jeddah Economic Company is a closed joint stock company (PJSC) formed in 2009 as a financial entity for Jeddah Tower and Jeddah Economic City. It is made up primarily of financiers (stakeholders) Kingdom Holding Company (33. 35%), Abrar Holding Company (33. 35%), which is owned by Samaual Bakhsh and businessman Abdulrahman Hassan Sharbately (16. 67%), as well as the tower's own contractor, Saudi Binladin Group (16. 63%).  JEC's assets have a book value of nearly SR9 billion, broken down between a land bank of over 5,300,000 m2 (57,048,725 sq ft) (the Jeddah Economic City plot) with a value of SR7. 3 billion that will be used as collateral to attain bank loans, and SR1. 5 billion in cash. Kingdom Holding is an investment company founded in 1980 and 95% owned by Al-Waleed bin Talal that has assets valued at over $25 billion, with interests in many major companies such as Walt Disney, Pepsico, Kodak, Apple, Hewlett Packard, Motorola, Time Warner, Newscorp, Pinnacle Infotech Solutions and Citigroup, as well as real estate in London through its Songbird Estates division.