Saudi Arabia resumes work on King Abdullah Financial District

10/07/2018 Argaam

 

Saudi Arabia resumed construction works on the King Abdullah Financial District (KAFD) in Riyadh, planning to complete the project by October 2020 before the G20 summit, MEED reported Tuesday, citing a source familiar with the matter.

 

The news website added that the construction work was completed by about 70 percent.

 

The Saudi sovereign wealth fund took control of the financial hub from the Saudi Public Pension Agency in 2016/2017.

 

Construction of the 73-building KAFD began in 2006, but the project was plagued by delays and cost overruns and struggled to find tenants.

 

HSBC Holdings Plc’s local unit was advising the pension agency on the sale of KAFD, while JPMorgan Chase & Co. was working with the PIF, sources told Bloomberg last November.

 

Saudi Crown Prince Mohammed Bin Salman has listed the rehabilitation of the hub as one of his objectives in the Kingdom’s Vision 2030 economic reform plan.

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