IslamicFinance.de

The first phase of the King Abdullah Financial District project is due to be launched next year. The business hub in Riyadh has been under construction since 2006 and will soon get a fresh lease of life under the management of the kingdom’s sovereign wealth fund. The Saudi Public Investment Fund (PIF) will take over the management of the King Abdullah Financial District from the Public Pension Agency. As outlined in the Saudi Vision 2030 plan, the new hub is to be an economic free zone with visa exemptions and a direct connection to the airport. The government is now exploring new incentive options to attract financial institutions to occupy space in the district. The 73-building development has been restructured to reduce office space and increase the number of residential units.