King & Spalding has advised Alinma Jeddah Economic City Real Estate Fund on the $960 million sharia compliant financing it received from Alinma Bank.

The financing is set to provide funding to develop the infrastructure for the first phase of Jeddah Economic City (JEC) project and to continue the construction of Jeddah Tower, world's tallest building.

King & Spalding also advised JEC and Alinma Investment Company on the establishment of Alinma Jeddah Economic City Real Estate Fund, a $2.2 billion real estate development Islamic fund set up in September last year.

A team led by banking and finance partners Zaid Al-Farisi and Nabil Issa advised on the financing, along with asset management partner James Stull.