SEDCO to open new office in SOM-designed tower in Riyadh’s KAFD
The 70,000sqm muqarnas-inspired tower will host the KSA investment company’s new offices and allow it access to new investment and FDI streams
Saudi-based investment company, SEDCO Holding, has announced plans to open a new office in the King Abdullah Financial District (KAFD) in Riyadh.
In a statement, SEDCO said that the new offices will be located in the SOM-designed 70,000sqm ‘muqarnas-inspired’ tower, which is adjacent to the Wadi and the Financial Plaza in KAFD. The tower’s façade takes its inspiration from the three-dimensional ‘muqarnas’ decorative device used in Islamic architecture.
This will help create distinctive office spaces with enhanced shade and protection from the sun, the statement said. Furthermore, the architecture and energy requirements of the building take into consideration the surrounding climate and environment, with sun control and shading devices installed to improve the utilisation of daylight within offices, while minimising glare and controlling the amount of sunlight and heat gain attained.
Rayyan Nagadi, SEDCO Holding CEO said, “We are excited to join the KAFD community. Over our long track record at SEDCO Holding, we played a pioneering role in sustainable development and currently we are an active investor guided by the goals of the Saudi Vision 2030. Our move to KAFD situates us in a vibrant business nexus that amplifies our ability to access more investment and FDI streams. We look forward to growing our contribution to the nation, in a hub designed for outreach, networking and access to more opportunities.”
In late July 2022, Arabian Centres Company said it would invest up to $346mn into a new mall in Saudi’s Eastern Province and, in late October 2022, Alstom opened a new regional office in Riyadh.
With almost five decades of empowering Saudi-based businesses and communities, SEDCO Holding supports the Kingdom’s economic diversification by investing in operating companies that scale to become leaders in strategically important sectors. The Shariah-compliant investment group continues to actively seek investment opportunities that spur real economic growth and social development in full alignment with the Kingdom’s Vision 2030, the statement noted.
Welcoming the SEDCO Holding move, Gautam Sashittal, CEO of KAFD DMC stated, “KAFD is an ideal location for businesses in the financial services and investment sectors. The Islamic finance industry has expanded rapidly over the past decade, growing at 10-12% annually, and SEDCO’s decision to be a part of the wider KAFD family will bring them into closer contact with prospective partners.”
“We look forward to supporting SEDCO in its investment and wealth generation efforts in line with our mutual interest in growing the Kingdom’s economy and increasing its prosperity,” he concluded.
In early December 2022, Time Out Market Riyadh said it would open in Diriyah Square by 2027.