Saudi PIF said to offer $8 bln for Riyadh’s financial district

Saudi Arabia’s Public Investment Fund will likely make a $7.9 billion (SAR 30 billion) offer next month to purchase the King Abdullah Financial District (KAFD) from the Public Pension Agency, Bloomberg reported, citing a source with knowledge of the plan.

The deal would include a new company to oversee the project’s completion and added costs for undeveloped plots.

KAFD’s developer, Al Ra’idah Investment Company, and the Public Investment Fund declined to comment, Bloomberg said.

The 73-building financial hub has struggled to find tenants and has suffered from delays and overspending. The project is about 70 percent built with a completion date in 2017.

Earlier this month, the kingdom discussed transferring ownership of KAFD in order to save the project.