IslamicFinance.de

Saudi Arabia's Public Investment Fund (PIF) has finalized a deal to take over the management of the King Abdullah Financial District from the Public Pension Agency. As outlined in the Saudi Vision 2030 economic reform plan, the financial district is to be an economic free zone with visa exemptions and a direct connection to the airport. The first phase of the project is due to launch next year with plans to host the G-20 meeting there in 2020. The government is now exploring new options to attract financial institutions to occupy space in the district. The 73-building site has been restructured to reduce office space and increase the number of residential units. PwC and local regulator Capital Market Authority are among the companies due to take space in the area.