More than half the projects at the King Abdullah Financial District in Saudi Arabia are complete and the first phase of the development will be delivered by the end of the year, a senior executive at a Riyadh based contracting firm has said.
Speaking to Zawya, the executive, who declined to be named, said that construction on the 1.6m m2 project was going strong. The site is set to house the new headquarters of the Capital Market Authority in a 358m high tower at the heart of the project. It will also become the headquarters of the Tadawul Stock Exchange, and will have banks, financial institutions and related financial services and utilities companies.
KAFD will be implemented in two phases, Mohammed A Al Kharashi, governor of the Saudi Public Pension Agency said. The first is more than 85% done, he explained, while the second was close to completion at 70%. The initial cost of the project is more than $7.5bn, but the final cost will be known after the project is complete.
The first phase consists of the construction of eight office buildings and a hotel, whereas the second will include the construction of the towers, car parking, the CMA headquarters and a mosque.