The King Abdullah Financial District (KAFD) has officially awarded its 5-year long, development contract to Parsons Corporation. On the project, the firm will provide compressive construction management services. Furthermore, Parsons will develop municipal, hospitality, and commercial buildings. The corporation will also build mixed-use buildings, alongside associated infrastructure, that will further support the development.
As a whole, the financial district will include world-class facilities and unique office spaces. Additionally, the development features luxury residences that strive to transform how urban communities work and live. Upon completion, the financial district will reportedly accommodate well up to 50,000 residents. At an estimate, its total cost is about $7.8 billion (29 billion Saudi riyals). It will include over 83 buildings, comprising 61 towers, right in the heart of North Riyadh.
King Abdullah Financial District Project Progress
A press release revealed that, to date over 70% of the district’s construction works have been complete. However, the government noted that the project has not set an exact timeline for its completion. Official reports note that the King Abdullah Financial District boasts a 17.2 million square foot masterplan. Moreover, it will provide over 3 million square meters of space for a wide range of uses. In addition to accommodation to a total of 62,000 parking spaces.
Quite impressively, the development stands as the largest LEED-certified mixed-use financial district. Moreover, it is the very first vertical city solution in Saudi Arabia, that includes a 5-asset class living district. Its ownership and management are by the King Abdullah Financial District Development and Management Company (KAFD DMC).
Extensively, the project forms part of Saudi Arabia’s efforts to transform hundreds of desert square miles into brand-new cities. Taking it a step further, KAFD will include an intricate network of elevated passenger bridges that will be cooled by solar power. The bridges, also known as skywalks, will serve as a connection to a total of 30 buildings, within the financial district.