PIF signs over SAR 8 bln construction contracts for King Abdullah Financial District

Aiman AlMudaifer, Head of Local Real Estate Investments Division, Public Investment Fund 

Saudi Arabia's Public Investment Fund (PIF) signed contracts worth more than SAR 8 billion for the construction works at King Abdullah Financial District (KAFD), Al Riyadh newspaper reported, citing Aiman AlMudaifer, PIF's Head of Local Real Estate Investments Division. 

Most of the contracts were with local companies, he added.

The fund made remarkable progress, which contributed to the launch of partial operation as well as lease of spaces and buildings at KAFD.

The district is expected to witness high demand, especially as more buildings became ready, AlMudaifer said.

Several banks and companies started operations at KAFD, the official said, adding that some tenants received their units at the residential towers.

According to data compiled by Argaam, the district spans over 1.6 million square meters in the north of Riyadh.

KAFD will include several official financial institutions as well as other relevant services and facilities, such as the Capital Market Authority and the Saudi Stock Exchange.

According to Vision 2030, the Kingdom aims to convert the district into a special zone with competitive regulations and procedures as it will be exempted from entry visas and linked to the terminal of King Khalid International Airport directly by train.