King Abdullah Financial District
The King Abdullah Financial District (KAFD) is a new development under construction near King Fahad Road in the Al Aqeeq area of Riyadh, Saudi Arabia[1][2] being undertaken by the Rayadah Investment Corporation[3] on behalf of the Pension Authority of the Kingdom of Saudi Arabia, consisting of 59 towers in an area of 1.6 million square metres. It will provide more than 3 million square metres of space for various uses, 62,000 parking spaces and accommodation for 12,000 residents. In 2011 it was the largest project in the world seeking green building accreditation.[4] Bombardier won a $241m USD contract to build an automated monorail for the development.[5][6][7] The design guidelines do not separate the sexes in the district.[7] The KAFD master plan was designed and overseen by Danish Architects Henning Larsen Henning Larsen Architects. Additional design work was provided by W Architecture and Landscape Architecture.The CEO of the development is Waleed Aleisa.[8] The project is estimated to cost 29 billion Saudi riyals ($7.8 billion).[9]
The project is considered to be long over due and needed for a city of the size and position of Riyadh. The key issue with the project was timing as it was announced and incepted during the 2008 financial crisis[10]. A number of local and international commentators highlighted the potential over supply issue with the project[11], however others, such as Hans Mueller in Saudi Real Estate Companion, believe that the market will be able to absorb the supply in the medium term.
The first phase is expected to open by July 2017.[12]
See also
References
- ↑ Saudis Plan Middle East Financial Center, New York Times, May 10, 2006.
- ↑ Saudi Mobile Operators End Free Global Roaming, Asharq Al-Awsat, April 27, 2013
- ↑ Riyadh King Abdullah Financial District: Phase 2: Towers, MEED, January 6, 2013.
- ↑ King Abdullah Financial District now the world's biggest green development, MEED, October 16, 2011.
- ↑ Bombardier wins Saudi deal, Toronto Star, May 31, 2010.
- ↑ Bombardier wins $241m Saudi monorail contract, Saudi Gazette, July 1, 2010.
- 1 2 Saudi Urban Projects Are a Window to Modernity, New York Times, December 12, 2010.
- ↑ "Saudi Arabia’s financial hub". The Economist. 30 January 2016. Retrieved 31 January 2016.
- ↑ "Hill International Receives Contract Extension on the $7.8 Billion King Abdullah Financial District in Riyadh".
- ↑ "JLL Riyadh Real Estate market Overview Q1 2013" (PDF). JLL.
- ↑ ArgaamPlus. "Saudi office space glut dampens demand in H1: Knight Frank". ArgaamPlus. Retrieved 2017-05-31.
- ↑ "Riyadh's new financial hub struggles with ownership uncertainty". Reuters. 2017-04-25. Retrieved 2017-08-06.