The Executive Committee of the King Abdullah Financial District (KAFD) has approved the master plan for the construction of the KAFD in Riyadh. The centre is expected to create up to 43,000 jobs in a 3.3 million sq m of working space.
The first excavation work is scheduled to begin in a few weeks and the first building is expected to open around the end of 2008. Detailed work on the design of the infrastructure is also about to begin.
At the time of completion, the KAFD is expected to be by far the largest financial centre in the Middle East.
The project is the first step in Saudi Arabia’s strategy to promote private sector development in order to diversify its oil-dependent economy and increase business and employment opportunities for its fast growing population.
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