King Abdullah Financial District

King Abdullah Financial District is a major financial hub located in Riyadh, Saudi Arabia, and is being developed by the Public Pension Agency of Saudi Arabia in partnership with Worcester Bosch, Saudi Binladin Group, and Saudi Oger. The district is designed to be a central location for Saudi Arabian Monetary Agency, Capital Market Authority, and the Saudi Stock Exchange, and will also host the headquarters of Saudi Aramco, Saudi Basic Industries Corporation, and Alinma Bank. The project is part of the Saudi Vision 2030 plan, which aims to diversify the Saudi Arabian economy and reduce its dependence on oil exports to countries like China, United States, and Japan. The district will also feature a Four Seasons hotel, a W Hotel, and a Luxury Collection hotel, as well as a Museum of Modern Art designed by Zaha Hadid Architects and a Saudi National Museum.

Overview

The King Abdullah Financial District is a 1.6 million square meter development that will provide a New York City-style financial hub for Middle Eastern and North African companies, including Qatar Investment Authority, Abu Dhabi Investment Authority, and Kuwait Investment Authority. The district will feature a range of Skidmore, Owings & Merrill-designed buildings, including the Capital Market Authority Tower, the Saudi Stock Exchange Tower, and the King Abdullah Financial District Tower, which will be one of the tallest buildings in Riyadh, rivaling the Burj Khalifa in Dubai and the Abraj Al-Bait Clock Tower in Mecca. The district will also include a range of amenities, including a Ritz-Carlton hotel, a JW Marriott hotel, and a Fairmont hotel, as well as a Harvard Business School-affiliated business school and a Massachusetts Institute of Technology-affiliated research center. The project is being developed in partnership with Bechtel Group, AECOM, and Hill International, and will be managed by Jones Lang LaSalle and CBRE Group.

History

The King Abdullah Financial District was first announced in 2006 by King Abdullah bin Abdulaziz of Saudi Arabia, and was initially planned to be completed by 2010. However, the project was delayed due to a range of factors, including the 2008 global financial crisis, which affected the Dow Jones Industrial Average, the S&P 500, and the NASDAQ-100, and the 2011 Egyptian Revolution, which affected the Suez Canal and the Egyptian Stock Exchange. The project was revived in 2012, and construction began in 2013, with China State Construction Engineering and Saudi Binladin Group serving as the main contractors. The project has been supported by a range of international organizations, including the International Monetary Fund, the World Bank, and the Asian Development Bank, as well as by Goldman Sachs, Morgan Stanley, and JPMorgan Chase.

Architecture

The King Abdullah Financial District has been designed by a range of international architects, including Skidmore, Owings & Merrill, Foster + Partners, and Zaha Hadid Architects, who have also designed buildings in London, New York City, and Beijing. The district will feature a range of modern and sustainable architecture-style buildings, including the Capital Market Authority Tower, which will be one of the most energy-efficient buildings in Riyadh, and the Saudi Stock Exchange Tower, which will feature a range of green building technologies, such as those used in the Empire State Building and the Burj Khalifa. The district will also include a range of public spaces, including a Central Park-style park and a Trafalgar Square-style plaza, as well as a Museum of Modern Art and a Saudi National Museum, which will be designed by Frank Gehry and Norman Foster.

Transportation

The King Abdullah Financial District will be connected to the rest of Riyadh by a range of transportation links, including a metro system, which will be designed by Siemens and Alstom, and a bus rapid transit system, which will be designed by Volvo and Mercedes-Benz. The district will also be connected to King Khalid International Airport by a high-speed rail link, which will be designed by Bombardier and Talgo, and will feature a range of electric vehicle-friendly infrastructure, including charging stations and parking facilities, as well as a helipad and a private jet terminal. The project is being developed in partnership with Saudi Railways Organization and Saudi Airlines, as well as with Dubai Airports and Abu Dhabi Airports.

Economy

The King Abdullah Financial District is expected to have a major impact on the Saudi Arabian economy, and will provide a range of new opportunities for foreign investment and job creation, particularly in the financial services sector, which will be supported by HSBC, Citi, and Standard Chartered. The district will also host a range of international companies, including Microsoft, IBM, and Oracle, as well as a range of Saudi Arabian companies, including Saudi Aramco, Saudi Basic Industries Corporation, and Alinma Bank. The project is expected to contribute to the Saudi Vision 2030 plan, which aims to diversify the Saudi Arabian economy and reduce its dependence on oil exports to countries like China, United States, and Japan, and will also support the development of the Middle Eastern and North African economies, including the United Arab Emirates, Qatar, and Egypt.

Development

The King Abdullah Financial District is being developed by the Public Pension Agency of Saudi Arabia in partnership with a range of international companies, including Bechtel Group, AECOM, and Hill International. The project is being managed by Jones Lang LaSalle and CBRE Group, and is expected to be completed by 2025, with a range of phases and milestones along the way, including the completion of the Capital Market Authority Tower and the Saudi Stock Exchange Tower. The project has been supported by a range of international organizations, including the International Monetary Fund, the World Bank, and the Asian Development Bank, as well as by Goldman Sachs, Morgan Stanley, and JPMorgan Chase, and will provide a range of new opportunities for foreign investment and job creation in the financial services sector, particularly in the Middle East and North Africa regions, including Dubai, Abu Dhabi, and Cairo. Category:Financial districts