King Abdullah Financial District

From Wikipedia, the free encyclopedia
Jump to: navigation, search
King Abdullah Financial District (KAFD)
KAFD Conference Center

The King Abdullah Financial District (KAFD) is a new development under construction near King Fahad Road in 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]

KAFD Grand Mosque

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.

See also[edit]

References[edit]