Hill International has secured a contract extension to continue providing project management services for the $7.8bn King Abdullah Financial District (KAFD) in Riyadh, Saudi Arabia.
The one-year contract extension, which was awarded by the Public Pension Agency of the Kingdom of Saudi Arabia, has an estimated value of $6.6m.
The project’s site is around 1.6 million m² and the development will have floor space of more than 3 million m².
After completion, the financial district is anticipated to serve as the headquarters for the Capital Market Authority, the Tadawul Stock Exchange and other major financial institutions.
The district may also serve as a location for financial service providers such as accountants, auditors, lawyers, analysts, rating agencies, consultants and technology providers.
Hill International project management group senior vice president and managing director (Middle East) Mohammed Al Rais said, "We are honoured to be part of this state-of-the-art development for doing business and facilitating investment both within the Kingdom and throughout the Middle East."
The project is made up of two separate parts on either side of al-Thumamah Road, which are planned to be linked to each other via a bridge taking the form of a garden through the highway.
KAFD will feature Al-Wadi park, an aquarium, a conference centre, a built environment museum, the earth’s climate centre and a science museum.
The development will also house a health club, an interactive children’s museum and several other educational and recreational facilities.
The district will also feature a number of towers and buildings dedicated to administrative offices, along with residential facilities, which make up about 21% of the project’s buildings.
Image: The financial district will have floor space of more than 3 million m². Photo: Courtesy of King Abdullah Financial District.