It will be the Middle East's first financial district on a scale, and of regulatory and technological standards, to match the major global financial centres.

Explaining the background to the Kingdom's ambitious but attainable strategy, His Majesty said:

'We are blessed with a robust economy, a stable currency and a strong financial sector with equally strong supervision.'

The intention to construct the world's first major financial district of the twenty first century is the latest stage in what is already a carefully planned and implemented programme of financial modernisation by Saudi Arabia. It will follow the successful launch of:-


• Tadawul, one of the world's most technologically advanced stock exchanges;


• The Capital Market Authority, which has introduced international-class regulation to the capital market;


• And a host of other reforms such as the licensing of international banks, insurance and investment companies.

Saudi Arabia's financial district will be built close to the business centre of Riyadh. The site is 1.6 million square metres and the development will have floor space of over 3 million square metres. It will be a multi-year project during which Saudi Arabia - already the world's oil capital - will consolidate its position as the Middle East's financial capital.

The master plan for the King Abdullah Financial District will be completed by the end of the year. Construction will begin in 2007 and will create thousands of construction and related jobs over an intense three year period of building and development.

The King Abdullah Financial District is designed as a state-of-the-art and fully self contained centre for doing business and facilitating investment and enterprise in the Kingdom and, in due course, in the wider region.

Many of the world's major banks, financial institutions and professional service companies - already operating in Saudi Arabia - have indicated their intention to locate in the District in order to play a major part in the diversification of the world's major oil economy.

The King Abdullah Financial District will be the headquarters for the Capital Market Authority (CMA) and the Stock Exchange (Tadawul), and for financial institutions and other service providers such as accountants, auditors, lawyers, analysts, rating agencies, consultants, and IT providers.

His Excellency, Ibrahim Abdulaziz Al-Assaf, Minister of Finance, said:

'Our common goal in establishing a new financial district is to provide an attractive working environment for the growing number of Saudis working in the financial sector.'


The CMA has been designing the strategy underpinning the development of the District together with the Public Pensions Agency (PPA). One of the cornerstones of their strategy is the development of a public/private partnership.

His Excellency Jammaz Al-Suhaimi, Chairman of the CMA, said: 'We are working hard to strengthen and develop our capital market. The role of the King Abdullah Financial District will be to facilitate the financial sector's contribution to our national economic growth in every way we can.

'We will provide young people and others who want to learn with an opportunity to enhance their skills and develop their full potential to help deepen our financial markets. Thus, in addition to facilitating business and investment, a centerpiece of the District will be a new financial academy and conference facilities for financial services.

'The purpose of this new financial academy will be to enhance the skills, training, and capabilities of current and future generations to consolidate Saudi Arabia's position as the largest economy in the region.'

His Excellency H.E. Mr. Mohammed Bin Abdullah Al-Khrashi, Governor of the PPA, said

'The Public Pension Agency (PPA) sponsors investment projects that are beneficial to the equity of the pensioners, and help to support the financial revenues of the Agency. The Agency's investment in this project is in line with this policy. The Agency will own and develop the whole project, and will provide opportunity for the CMA and other government agencies such as SAMA, and other related companies, such as insurance companies, banks and financial services to find suitable locations and offices that are equipped with the world's modern technologies. It has already taken the necessary steps towards achieving this objective, and it expects that the project will create an excellent working environment that will attract excellent investment opportunities.'

This should be interesting. Further reforming the financial sector is a good step forward. Hopefully the infrastructure housing it will reflect that. I wonder where it will be located?

AFP article on the topic: http://news.yahoo.com/s/afp/20060509/bs_afp/stockssaudimarket_060509194111

As Reported this morning by the AFP...

Suhaimi and Saudi Finance Minister Ibrahim al-Assaf, who also addressed the conference, announced that work would get under way early next year to build "the Middle East's largest financial center" in Riyadh.

The King Abdullah Financial District, named after the Saudi monarch, "will be the Middle East's first financial district on a scale, and of regulatory and technological standards, to match the major global financial centers," a press statement said.

The district, which will house the stock exchange as well as banks and other financial institutions, will take three years to build. It will cover 1.6 million square meters (17.2 million square feet) and have floor space of more than three million square meters (32.3 million square feet).



This was part of a larger article concerning the privitization of Tadawul.

I already made a thread of this project...

لم يكن حال السوق العقارية السعودية في الأسبوع الماضي أسبوعا عاديا في الأسابيع الماضية أو الفترة السابقة، حيث تم الاعلان عن ضخ ما يقارب 50 مليار ريال (13.3 مليار دولار) عبر مشاريع مركز الملك عبد الله المالي التي سيتم تنفيذها ما بين ثلاث إلى أربع سنوات، مما يدل على طفرة عقارية بشكل جديد عبر شركات من الجيل الثالث التي عادة ما تكون شركات منظمة أكثر من السابق، ويرتفع فيها المستوى الاحترافي من خلال نوعية المشاريع وفكرتها خاصة أنها تعتبر إضافة إلى السوق العقارية السعودية.
وذكر عقاريون أن هذه المشاريع تعتبر دافعاً جديداً للسوق العقارية من خلال تحركات مختلفة، ويبدو إن السوق العقارية بدأت تجذب رؤوس الأموال بعد الإعلان عن تلك المشاريع التي ستغير خريطة التوزيع العقاري الاستثماري لضخامتها ونوعيتها التي ستفتح باباً جديداً لبيع وشراء الأراضي وتوزع القوى العقارية في المدن السعودية الرئيسية الرياض وجدة، بالإضافة إلى المنطقة الشرقية.

وكشفت المصادر على إن هناك تسهيلات حكومية ستقدم لشركات التمويل العقاري لضمان تلبية الطلب الكبير المتوقع على الحاجة السكنية المستقبلية في السعودية.

وكان الأسبوع الماضي قد شهد الإعلان عن اكبر المشاريع السكنية في مدينة جدة غرب السعودية باستثمار مشترك بين اعمار الشرق الأوسط وهي الشركة الناتجة عن تحالف بين اعمار الإماراتية والأولى السعودية وبين شركة الشعلة التجارية.

وذكر محمد العبار رئيس مجلس إدارة شركة اعمار الشرق الأوسط أن قيمة الاستثمار في تلال جدة يصل إلى 42 مليار ريال (11.2 مليار دولار)، مشيراً إلى إن المشروع هو أول المشاريع لأعمار الشرق الأوسط في السعودية على إن تتبعها مشاريع أخرى، خاصة في مدينة الرياض التي يجري النقاش الآن حول اختيار موقع جيد لها.

وأضاف العبار في تصريح خاص لـ«الشرق الأوسط» إن شركة اعمار ستعمل على زيادة نموها من خلال الدخول في عدد من المشاريع في السعودية، كاشفاً عن إعلانات مهمة للشركة ستصدر قريباً في غضون اقل من شهر، وتبين استعداد الشركة للتطور مع شركائها الاستراتيجيين. وعلى هذا الأساس فإن أي شركة ترغب في النمو يجب إن يكون هناك استعداد لهذا النمو، سواء كان على توفير الكوادر البشرية او الخبرة، أو الاستعداد على القدرة على التنفيذ بطريقة صحيحة والتصميم بطريقة تلائم المجتمع والحياة العصرية. واشار العبار الى إن شركة اعمار الشرق الأوسط ستكون مستعدة لتلبية الطلب من خلال تنظيم السياسات الداخلية، على إن يتم تنفيذ مشروع تلال جدة حسب قوة الطلب الموجود في السوق العقارية السعودية، مؤكداً على ان المشروع يوفر فرصاً وظيفية جيدة.

وذكر العبار إن السعودية تعتبر محور الاهتمام العالمي والإقليمي لتوفر الفرص الاستثمارية الغنية، بالإضافة إلى توسع ونمو أسواقها المحلية بسبب النمو السكاني الذي يصل إلى 3.5 في المائة، الأمر الذي يشكل أغلبية سكانية من جيل الشباب الذي ترتفع لديه القوة الشرائية، وبالتالي سيكون تأثيره ايجابياً على الأسواق المحلية وتوسعها. ويضم مشروع تلال جدة حوالي 20 ألف وحدة سكنية تتنوع ما بين المنازل المؤلفة من عدة طوابق والبيوت المستقلة التي لم تعرف لها مدينة جدة مثيلاً من قبل. وسوف تتراوح مساحة هذه المساكن، التي ستُطرح للبيع ابتداءً من النصف الأول من العام القادم، من 500 إلى 1500 متر مربع. كما يحتضن المشروع مجموعة من المرافق التجارية ومتاجر التجزئة.

من جهة أخرى أعلن عن مشروع مركز الملك عبد الله المالي الأضخم في الشرق الأوسط والذي تقدر تكلفته بنحو 5 مليارات ريال من خلال تقديرات أولية، ويقع في شمال العاصمة السعودية الرياض على مساحة تتجاوز 1.6 مليون متر مربع، وتبلغ قيمة الأرض 900 مليون ريال (240 مليون دولار)، وسيكون على شكل حي متكامل من خلال وجود المنشات التجارية المتعلقة، بالإضافة إلى وجود جميع وسائل المواصلات، حيث ستكون هناك بنية تحتية للنقل متكاملة.

وذكر عقاريون أن المركز سيعمل على زيادة الطلب على أراضي شمال العاصمة السعودية الرياض من خلال البحث عن مراكز مقاربة لمركز الملك عبد الله المالي الذي لم يحدد حتى الآن موقعه بالضبط.

من جهة أخرى تم الإعلان عن برج تجاري في الوسط التجاري لمدينة الرياض بارتفاع يصل إلى 350 مترا تقريبا تابع لمجلس إعمال الشيخ صالح الراحجي ويعتبر أطول من البرجين السابقين، المملكة والفيصلية، بتكلفة تقدر بقيمة مليار ريال (266 مليون دولار)، يقع على طريق الملك فهد وشارع العليا بالقرب من مبنى وزارة الشؤون البلدية والقروية وسوق طيبة في منطقة العليا.

وذكر المجلس إن التنفيذ سينطلق بعد قرابة ثلاثة اشهر بعد الانتهاء من كافة الإجراءات اللازمة للبرج، والذي سيستمر العمل فيه لمدة ثلاث سنوات.

ويحتوي البرج على سوق تجارية «مول» ومكاتب تجارية ومهبط طائرات مروحية بالإضافة الى قاعة اجتماعات فخمة ستخصص لها أعلى منطقة في البرج.

بالإضافة إلى مشاريع أخرى أعلن عنها المجلس من خلال معرض الرياض التاسع للعقارات تتمثل في منتزة الأعمال التجارية الذي صمم بطريقة حديثة. وكشفت مصادر عقارية لـ«الشرق الأوسط» على أن البرج، شركة الراجحي المصرفية، هو البرج الرابع في العاصمة السعودية الرياض، والذي يتم ألان الانتهاء من كافة التصاريح اللازمة به، ولم يتم حتى الآن تحديد موقعه.

من جهته ذكر عايض بن فرحان القحطاني أن السوق العقارية في السعودية سوق واعدة وسوق تتمتع بمستوى قوي وبمميزات تساعد على النمو المتواصل في سوق العقارات، مشيراً إلى أن الكثير من المشاريع تم الإعلان عنها، وأخرى سيتم الكشف عنها خلال وقت قريب.

وأضاف القحطاني أن المؤشرات الايجابية التي تدل على أن السوق العقارية في ارتفاع، دفعت الكثير من المستثمرين إلى إعادة النظر في الاستثمار العقاري الذي بدا يخطو بخطى احترافية ونوعية مختلفة عن الطفرة السابقة، حيث أصبح التخصص في اختيار المشاريع أكثر وضوحاً عبر طرح تلك المشاريع من خلال توقيت طرحها أو الإعلان عنها.

وبين إن البنية الأساسية للاقتصاد السعودي تدعم جميع القطاعات الاقتصادية، وان دعم الحكومة المتواصل عبر تذليل العقبات والمساعدة على إبعاد المعوقات دليل على اهتمامها بالقطاع العقاري احد اكبر القطاعات الاقتصادية.

وتوقع القحطاني أن تكون هناك طفرة نوعية في المشاريع العقارية خلال النصف الثاني من العام الجاري والعام المقبل.

وكان الأسبوع الماضي قد شهد عدداً من الفعاليات العقارية على هامش إقامة معرض الرياض التاسع للعقارات والملتقى العقاري الثأمن بالإضافة إلى إقامة ندوة المستقبل التي تم التطرق فيها إلى مدينة الملك عبد الله الاقتصادية والإعلان عن مشاريع جديدة في المعرض العقاري.

http://aawsat.com/2006/05/13/images/realestate.362842.jpg

350 meters tall

wow it looks very nice!

^^ huge pic in today's Asharq Al Awsat

sorry its not very clear, but its from the paper

http://static.flickr.com/51/145518535_c13aa94523_o.jpg

How many floors and what's the height?

Didn't Riyadh have like a floor limit of just 30 and therefore height is restricted unless your going for massive floors?

^^ i don't know how many floors but its 350 meters

"في الوسط التجاري لمدينة الرياض بارتفاع يصل إلى 350 مترا"

looks amazing

OH god...........so huge.................................but very beautiful n modern as well.But i guess it will be upto 60 floors,bcuz ABRAJ AL BAIT TOWERS in makkah r at a hight of 480 meters n a floor limit of 70..........so it must be around 50 to 60 cuz its just 100 meters short than ABRAJ AL BAIT.

I dont think the building will exceed the floor limit but if you look at the renders it has a massive massive entrance and podium. You also have a bit of a spire cheating going on. Over all an amazing structure for Riyadh. Its nice to see Saudi coming along with the recent oil boom. I do think they should be spending a bit more money on the King Abdullah Economic City just.

Pls Just one pice in Jeddah :bash:
ryadh looks great now .....i should check it out :runaway:

Amazing! Great news! However, it seems to be quite far from Kingdom Tower which itself is quite far from Fasaliah Tower. It will look weird, having three skyscrapers quite a distance apart from each other. But I think the Ghadir Project should be somewhere between Kingdom Tower and this one. And dont forget, Riyadh Business Park with its three high rise buildings is also under-c.

Published: 05/14/2006 12:00 AM (UAE)
Saudis want Riyadh to be a financial hub GCC Insights

Saudi authorities intend to turn Riyadh into a major centre for financial services on a global level. Officials are thinking big? Comparing the planned project to that of Canary Wharf, London's business and baking district. Known as the King Abdullah Financial District, the project would be developed in the heart of Riyadh, with easy access from the central business district and airport.

Officials concealed some details of the ambitious project during a conference on future development held in Riyadh last week. Minister of finance Ebrahim Al-Assaf revealed that Saudi authorities had been developing ideas for the project over the past two years. Still, the master plan is expected to be ready by year-end, with construction getting under way sometime in 2007.

Upon completion, the King Abdullah Financial District would house all state entities dealing with financial matters. Certainly, these include the Capital Market Authority and the Stock Exchange (Tadawul).

Ambitious

Additionally, financial institutions operating in the capital would most likely relocate or at least open branches in the new financial district.

Likewise, support providers such as accountants, auditors, analysts, consultants and other related activities are expected to operate from the district.

Undoubtedly, King Abdullah Financial District would be a mega project by international standards by virtue of its size. The authorities intend to develop the project on a 1.6 million square metre site. By comparison, London's Canary Wharf is built over an area of 345,000 square metres. Authorities are promising to develop the project with modern infrastructure in terms of road networks to information technology standards.

Opportunities

Additionally, an academy dedicated to offering degrees in financial services would be set up in the district. Other schemes include purpose-built conference halls. Eventually, the authorities expect the King Abdullah Financial District to emerge as the place Saudi nationals would turn to when seeking new job opportunities. Currently, finding jobs for locals is a daunting challenge in the kingdom. The economy has to generate some 160,000 annually for nationals to cope with demand.

The move to turn Riyadh into a major financial district could not be timelier. Already, Saudi Arabia was admitted to the World Trade Organisation last December.

Under WTO accession terms, the Saudi government agreed to allow 60 per cent foreign equity shareholding for joint ventures in banking. Also, Riyadh agreed to permit foreign banks in the form of a locally incorporated joint stock company or as a branch of an international bank.

The writer is assistant professor, College of Business Administration, University of Bahrain.

looks stunning! way to go Riyadh!!!

when are they going to start construction for alrajhi tower and king abdullah financial center ?

Hey guys........don't u think tht the two projects r scaled at the same site?
Wat i mean is....tht if u have a closer look at the site of RIYAD BUISNESS PARK,u would find tht it's situated one block away from the KINGDOM CENTER.....and again KING ABDULLAH FINANCIAL DISTRICT is situated one block away from KINGDOM CENTER..........i'm so confused about it......but i hope to be wrong......any ways,could any body tell me the official web site of this project PLZZZZZZ?

As a CMA employee, i'm very excited about this project!

From what I've heard internally and through the media, construction of the Financial District will begin by the end of this year/early 2007 and will take 3-4 years. The CMA headquarters building will finish first from what I've heard, its the tallest building in the District.

It is not located a block away from the Kingdom Tower. It will be located at the intersection of King Fahad Road/Qaseem Highway and Takhasusi Street/Thumama Road, right off the Dammam Highway (As it appears in the brochure).

Here are some renders of this project,

http://www.aleqt.com/nwspic/25427.jpg

http://www.aleqt.com/nwspic/25484.jpg

Saudi is already building a Financial Island with super-talls in King Abdulla Economic City- Jeddah, so i don't understand this... Plus there's Bahrain and it's Bahrain Financial Harbour (BFH), and Dubai's International Financial Centre...!! I'm not sure this is a smart idea...They must have had studies and research done, but it doesn't sound like a good idea..! Even Qatar is builing a mini-financial centre... So i don't get Saudi... There's won't be the only technologically advanced, or matching international standards centre... Bahrain has for long matched international standards in Banking regulation and laws...

^ I don't understand your logic... All the other "Finance Centers" elsewhere aren't for the Saudis or are targetting specifically Saudi Arabia.

The one in Jeddah is, and the point is each one wants to be the Financial Hub of the middle east... In a somewhat overly-ambitious arrogant way.... I blame the media... They're overly patriotic, and as a political tool they highlight the good too much, to distract you from the negatives, probably... Saudi isn't the largest economy in the region, unless they mean the Arabian Peninsula alone...!

Fact 1: King Abdullah Financial District is bigger than BFH and DIFC and the financial center in KAEC.

Fact 2: Riyadh is the home for the headquarters of 6 of the largest 10 banks in the Arab World.

Fact 3: Riyadh is the home of the largest stock market in the Middle East and North Africa and the 11th in the world.

Fact 4: Saudi Arabia is the largest economy in the arab world and the 23rd economy in the world.

Fact 5: Riyadh is the home of the regional offices of 6 international banks.

Fact 6: Riyadh has a population of 5 million people.

Fact 7: Riyadh is the home of 4 of the top 10 richest men in the Middle East.

Fact 8: Riyadh has a GDP of $ 25 billion (Twice the GDP of all of Bahrain).

we need more pic about this project riyadhi

http://www.aleqt.com/nwspic/25476.jpg

Amazing! Great news! However, it seems to be quite far from Kingdom Tower which itself is quite far from Fasaliah Tower. It will look weird, having three skyscrapers quite a distance apart from each other. But I think the Ghadir Project should be somewhere between Kingdom Tower and this one. And dont forget, Riyadh Business Park with its three high rise buildings is also under-c.

Actually, the order is as following (South to North),

[Faisalia]___[Kingdom]____[Business Park]___[Rajhi Tower]___[Ghadir Project]___[KAFD]

It's amazing how people were complaining and targetting Saudi Government for not doing enough for the economy and now that they ARE, they're being criticized by some for being myopic!

Anyhow, has anyone posted a rendering for Ghadir Project?

I did a while ago..

Fact 1: King Abdullah Financial District is bigger than BFH and DIFC and the financial center in KAEC.

Fact 2: Riyadh is the home for the headquarters of 6 of the largest 10 banks in the Arab World.

Fact 3: Riyadh is the home of the largest stock market in the Middle East and North Africa and the 11th in the world.

Fact 4: Saudi Arabia is the largest economy in the arab world and the 23rd economy in the world.

Fact 5: Riyadh is the home of the regional offices of 6 international banks.

Fact 6: Riyadh has a population of 5 million people.

Fact 7: Riyadh is the home of 4 of the top 10 richest men in the Middle East.

Fact 8: Riyadh has a GDP of $ 25 billion (Twice the GDP of all of Bahrain).Some impressive facts, i won't deny it, but largely irrelevent...!
IMO, size is irrelevent, for the time being at least, and Bahrain is much better positioned to be the Middle East Financial Hub.... It is the current de facto Financial and Banking Hub...

riyadhi ..... can u post al gadeer project again

with some pictuers

thank you

Some impressive facts, i won't deny it, but largely irrelevent...!
IMO, size is irrelevent, for the time being at least, and Bahrain is much better positioned to be the Middle East Financial Hub.... It is the current de facto Financial and Banking Hub...


Bahrain will do great Inshallah in economic growth and as a financial hub.

However,

The Saudis have enough money to match UAE, Kuwait, Qatar and Bahrain.

If the Saudis want to they can pump enough money into Riyadh to turn it into anything..

Inshallah all of Gulf will benefit with the ongoing competition and infrastructural development.

Yes, thats probably true, but it'll take a hell of a lot or money (maybe too much than its worth) ;)

Bahrain has expertise, lots of experience, and many more things that Saudi comparitively lacks.... Lots of companies and banks have regional HQ's in Bahrain.... That would take a HELL of a lot of money to buy or to change..!

Yes, thats probably true, but it'll take a hell of a lot or money (maybe too much than its worth) ;)

Bahrain has expertise, lots of experience, and many more things that Saudi comparitively lacks.... Lots of companies and banks have regional HQ's in Bahrain.... That would take a HELL of a lot of money to buy or to change..!


I don't think you can compare the two really, At the end of the day it all comes down to where people choose to keep their money. If all of Saudi's choose to Invest in financial institutions in Riyadh than really we are talking liquid cash flows that will be more than anything Bahraini's, Kuwaitis or Emiratis can pump into their own banks.

How tall is this KAFD? i mean what is the hight (in meters) & how many floors does it posses ? ANY INFO?

More renderings,

http://www.alrajhibank.com.sa/NR/rdonlyres/A61E289F-F512-497F-A30C-4E9E3ABD7960/315/vueskyeast2.jpg


http://65.17.224.235/elaphweb/Resources/images/Economics/2006/5/thumbnails/T_3903dc44-cb57-4e1a-892c-1c18e71b6c2a.JPG

Mustafa,

http://www.skyscrapercity.com/showthread.php?t=279724

http://www.arab7.com/up/file/1148125792100.jpg

Fact 1: King Abdullah Financial District is bigger than BFH and DIFC and the financial center in KAEC.

Fact 2: Riyadh is the home for the headquarters of 6 of the largest 10 banks in the Arab World.

Fact 3: Riyadh is the home of the largest stock market in the Middle East and North Africa and the 11th in the world.

Fact 4: Saudi Arabia is the largest economy in the arab world and the 23rd economy in the world.

Fact 5: Riyadh is the home of the regional offices of 6 international banks.

Fact 6: Riyadh has a population of 5 million people.

Fact 7: Riyadh is the home of 4 of the top 10 richest men in the Middle East.

Fact 8: Riyadh has a GDP of $ 25 billion (Twice the GDP of all of Bahrain).
Quote from a fellow Bahraini Forumer...

"Some quick notes

1. Ok 4 of 10 richest in Riyad, but where is their money? it's in the USA ,London,Lebenon, and banks in Bahrain. Alwaleed is an example.

2. Suadi stock market is all speculation and badly run, analysts say they hope some day Gulf Stock Markets will be more like Bahrain where prices reflect the performance of companies and more rational and professionally run.

3 BMA is the best Banking regulator in all the Gulf.

4. Bahrain is the biggest center of Islamic banking in the world.

5. Population does not count,or Egypt would be the center of banking in the region

6. Imar prefered to establish it's bank Al Salam in Bahrain Why didn't it go to Dubai or Riyad

7. The biggest Islamic bank UIB established in Bahrain by Khalid bin Al Waleed why didn't he go to Riyad

8. Size is not everything ,what matters is how much of it will be actually built and who will fill it , for all we know it may be a goast town.

9.The banks they are talking about are all domestic banks.

This is just what comes to mind for more I need to make some reseach"

My friend, alot of what your friends said is not true. I'll go over his point one by one;


1. Ok 4 of 10 richest in Riyad, but where is their money? it's in the USA ,London,Lebenon, and banks in Bahrain. Alwaleed is an example.


Not true. All of Rajhi's investments are in Saudi Arabia. Most of Olayan's investments are in the listed Saudi companies. The largest equity of Al-Hariri family is Saudi Oger which runs most of its projects in Saudi Arabia. Dallah group of Saleh Kamel owns equities all over Saudi. Even Alwaleed himself owns majority shares in three companies (Samba, Savola, National Industries) and other companies and projects.



2. Suadi stock market is all speculation and badly run, analysts say they hope some day Gulf Stock Markets will be more like Bahrain where prices reflect the performance of companies and more rational and professionally run.

I don't know if you know this or not but Saudi Stock Market is about 100 times bigger than the Bahraini market.

And by the way, I never EVER heard any analysts saying that the Saudi Market should be like the Bahraini. I personally invested in the Bahraini market with the IPO of Al Salam Bankand I totally regret it. In Saudi you subscribe in an IPO and in one week you get the refound. Another month and you can trade your stock. In Bahrain it was like hell. It took them 6 weeks to send me the refound and I'm still working on activiating my portfolio.

In Saudi, I go into my Bank account ONLINE and I trade smoothly while in Bahrain I could not even find out if there's online trading or not!!!



3 BMA is the best Banking regulator in all the Gulf.
Not true my friend. The award that BMA received recently was for its contribution to the global Islamic funds industry. It was not given to it as the best regulator int the Gulf. And that award was given to it by a Kuwaiti found, not the IMR or the UN!





4. Bahrain is the biggest center of Islamic banking in the world.
I think that we could say that few years back. But currently with all the Saudi GIANT banks switching into Islamic Banks this would be history. Look at the index of the largest banks in the Arab World. The top banks in terms of Market Capitalization and equities are Saudi Banks. I'm talking about both, Islamic and non-Islamic.




5. Population does not count,or Egypt would be the center of banking in the region
Yes it counts in a wealthy country like Saudi Arabia. You can not compare Riyadh to Manama in terms of purchasing power. Riyadh is a HUGE market. You cant even count the shopping malls of Riyadh.

The population factor does not always count. It counts when the population HAS the money.




6. Imar prefered to establish it's bank Al Salam in Bahrain Why didn't it go to Dubai or Riyad

The question here is: is it a matter of prefernce for Emaar?
I don't think so. It was not a choice for them. You know why, because it is nearly impossible for Emaar to establish a bank based in Riyadh. Even Saudis have very hard time obtaining permits for banks in Saudi.

Things are chaning though :)




7. The biggest Islamic bank UIB established in Bahrain by Khalid bin Al Waleed why didn't he go to Riyad

Ture, Khalid Bin AlWaleed was one of the invesors who established UIB and is now the chairman of the Bank. However, everybody knows tried to establish the bank in Saudi along with Global House but his propusal was rejected by SAMA (Saudi Arabian Monetary Agency).

And by the way, it is only the biggest Islamic bank in terms of its capital. This will not be a fact anymore after the establishment of the Saudi Enmaa Bank in Riyadh.



8. Size is not everything ,what matters is how much of it will be actually built and who will fill it , for all we know it may be a goast town.
Have you been to Riyadh?
Have you seen the huge banks buildings there? Do you know any Saudi who works for Samba, SABB or NCB? Do you know that one of their major complaints is the lack of office space?

The project was announced last just two weeks ago. And last week about 10 financial and insurance firms expressed interest in reserving office space in the financial district.

Trust me my friends, the buildings you see in the renders will be filled. Finance business is growing in an amazing way in Saudi Arabia.

And by the way, part of KAFD project is a Finance School.



9.The banks they are talking about are all domestic banks.

HSBC, Deutsche Bank, Emirates Bank, Kuwait National Bank are not domestic. They all recently opened offices in Riyadh. Even SABB, Franci Bank, Hollandi Banks are all joint ventures with major international banks. And last I heard, there are more than 20 international banks who are waiting to obtain the license to open in Saudi.

Thnx alot lot lot lot Riyadhi..........now i understand the map of riyadh.....i now understood the way those buildings r scheduled...........but y those building r so distant from each other? is this bcuz there r lots of projects coming up in between those skyscrapers RIYADHI? i'm askin u bcuz u kno every thing going on in RIYADH......
and it woud be so kind of u if u show us the renderings of GHADIR PROJECT
THANKs

B-Patriot,
I'm sorry. I said that Saudi Stock Market is 100 times larger than that of Bharain. That was a mistake. It is currently 27 times larger than Bahrain. I mixed up between Bahrain and Beriut Stock Exchanges.
Sorry for the confusion..

Saudis want Riyadh to be a financial hub GCC Insights

Saudi authorities intend to turn Riyadh into a major centre for financial services on a global level. Officials are thinking big? Comparing the planned project to that of Canary Wharf, London's business and baking district. Known as the King Abdullah Financial District, the project would be developed in the heart of Riyadh, with easy access from the central business district and airport.

Officials concealed some details of the ambitious project during a conference on future development held in Riyadh last week. Minister of finance Ebrahim Al-Assaf revealed that Saudi authorities had been developing ideas for the project over the past two years. Still, the master plan is expected to be ready by year-end, with construction getting under way sometime in 2007.

Upon completion, the King Abdullah Financial District would house all state entities dealing with financial matters. Certainly, these include the Capital Market Authority and the Stock Exchange (Tadawul).



Ambitious

Additionally, financial institutions operating in the capital would most likely relocate or at least open branches in the new financial district.

Likewise, support providers such as accountants, auditors, analysts, consultants and other related activities are expected to operate from the district.

Undoubtedly, King Abdullah Financial District would be a mega project by international standards by virtue of its size. The authorities intend to develop the project on a 1.6 million square metre site. By comparison, London's Canary Wharf is built over an area of 345,000 square metres. Authorities are promising to develop the project with modern infrastructure in terms of road networks to information technology standards.



Opportunities

Additionally, an academy dedicated to offering degrees in financial services would be set up in the district. Other schemes include purpose-built conference halls. Eventually, the authorities expect the King Abdullah Financial District to emerge as the place Saudi nationals would turn to when seeking new job opportunities. Currently, finding jobs for locals is a daunting challenge in the kingdom. The economy has to generate some 160,000 annually for nationals to cope with demand.

The move to turn Riyadh into a major financial district could not be timelier. Already, Saudi Arabia was admitted to the World Trade Organisation last December.

Under WTO accession terms, the Saudi government agreed to allow 60 per cent foreign equity shareholding for joint ventures in banking. Also, Riyadh agreed to permit foreign banks in the form of a locally incorporated joint stock company or as a branch of an international bank.

The writer is assistant professor, College of Business Administration, University of Bahrain.

I don't know if you know this or not but Saudi Stock Market is about 100 times bigger than the Bahraini market.

hmm a lil proof will do right now please

And by the way, I never EVER heard any analysts saying that the Saudi Market should be like the Bahraini. I personally invested in the Bahraini market with the IPO of Al Salam Bankand I totally regret it. In Saudi you subscribe in an IPO and in one week you get the refound. Another month and you can trade your stock. In Bahrain it was like hell. It took them 6 weeks to send me the refound and I'm still working on activiating my portfolio.

so you mean to tell me that the Saudi stock market is healthy?? Somehow I'm not convinced because part of the factors that make a stock market healthy is if there is enough investments in them and to be honest Saudi doesn't have a strong stock market because as soon as another Gulf company issues an IPO the Saudis are the first to run for their share of the cake (e.g Dana Gas, Rayyan Bank)

don't believe me? read this
http://news.ft.com/cms/s/576f0054-e541-11da-80de-0000779e2340.html

In Saudi, I go into my Bank account ONLINE and I trade smoothly while in Bahrain I could not even find out if there's online trading or not!!!

wake up online trading has been around for a few years now with several banks in Bahrain.


Yes it counts in a wealthy country like Saudi Arabia. You can not compare Riyadh to Manama in terms of purchasing power. Riyadh is a HUGE market. You cant even count the shopping malls of Riyadh.

now how does the number of malls really determine the size of the market? What about the number of foreign investments? Don't they count as well?

The population factor does not always count. It counts when the population HAS the money.

Please read above point and think about it for a second


The question here is: is it a matter of prefernce for Emaar?
I don't think so. It was not a choice for them. You know why, because it is nearly impossible for Emaar to establish a bank based in Riyadh. Even Saudis have very hard time obtaining permits for banks in Saudi.

there ya go, see its not that when you finally admit that things aren't so rosy in terms of investing in Saudi Arabia

Have you been to Riyadh?
Have you seen the huge banks buildings there? Do you know any Saudi who works for Samba, SABB or NCB? Do you know that one of their major complaints is the lack of office space?

I have been to Riyadh and quite frankly i'm not that impressed, sure it may be glamorous in the outside but god knows what goes on in the inside that freaks me out. I mean seriously its just like George Orwell's novel 1984 with its Big Brother theme

Here's a good example. When BMI (British Midland) introduced flights to Riyadh and Jeedah there was soo much fear in the cabin crew that it was impossible to get anyone to go there without being threatened by their jobs. Don't you think that doesn't say enough about the state of your lovely country?


Trust me my friends, the buildings you see in the renders will be filled. Finance business is growing in an amazing way in Saudi Arabia.

Yes dear

HSBC, Deutsche Bank, Emirates Bank, Kuwait National Bank are not domestic. They all recently opened offices in Riyadh. Even SABB, Franci Bank, Hollandi Banks are all joint ventures with major international banks. And last I heard, there are more than 20 international banks who are waiting to obtain the license to open in Saudi.

HSBC has been around quite a long time in Bahrain, and so has Standard Charter and Citigroup banks as well. Plus there are other banks like Bank of China, BankMuscat, Shamil Bank, Salam Bank.......Hell I can go on forever listing local and international banks in Bahrain

Well debated Pish..bahrain has been and WILL be the financial centre of the MIdeast no question about it..bahrain just has more freedom(in terms of market capabilities AND social freedoms) then riyadh..there is more of a social life..yes riyadh is coming up and all and iam happy for you guyz but still comparing is not an option..have a look at our FDI, it grows nearly every year..and your comments about "the number of malls" how on earth does that gotta do anythign with economic stability etc. Places like Manama, Dubai even Doha..are looking into the future when oil runs out..And one more thing..Why do soo many saudis come to bahrain on a daily basis..?

Dear Riyadhi,


Not true. All of Rajhi's investments are in Saudi Arabia. Most of Olayan's investments are in the listed Saudi companies. The largest equity of Al-Hariri family is Saudi Oger which runs most of its projects in Saudi Arabia. Dallah group of Saleh Kamel owns equities all over Saudi. Even Alwaleed himself owns majority shares in three companies (Samba, Savola, National Industries) and other companies and projects.

Ok they have investments in Saudi I didn't say they don't , of course they do,it's what made them rich in the first place, but where is the rest of their fortune the majority of it .

Al Waleed owns large stakes in Citi, Four Seasons ,etc. and these are much more than what he has in Saudi. Hariri too,my point is having filthy rich people doesn't mean you automatically become a Financial Center or you would have been a long time ago.



I don't know if you know this or not but Saudi Stock Market is about 100 times bigger than the Bahraini market.

And by the way, I never EVER heard any analysts saying that the Saudi Market should be like the Bahraini. I personally invested in the Bahraini market with the IPO of Al Salam Bankand I totally regret it. In Saudi you subscribe in an IPO and in one week you get the refound. Another month and you can trade your stock. In Bahrain it was like hell. It took them 6 weeks to send me the refound and I'm still working on activiating my portfolio.

In Saudi, I go into my Bank account ONLINE and I trade smoothly while in Bahrain I could not even find out if there's online trading or not!!!


Saudi Stock Market is like a Casino Saudi's like to gamble but gambling is haram and illegal so their only resort is the Stock Market. An analyst in Al Arabiya said yesterday that in Saudi the Stock Market is the only place to invest while in other countries there are other venues.

Every Analyst that goes on TV says the Saudi Market is not a healthy market and that prices of companies should reflect it's earnings and future growth potential, and that Saudi's should learn how to invest not gamble.Also fund managers always mention Bahrain and Kuwait as good long term investment markets or at least their comentary implies it.

Go back several years ago and look at the Saudi market growth it's embarassing, and the way the stock market is falling now people are praying to return to the old days ,at least they won't sell their shirts that way.Poor people are in debt to banks in Saudi now, some buisnessmen have postponed their spending on investment in their buisness growth ,and paying their debtors cos they waiting for imaginary profits from the markets, and now they are stuck.

"Trading Online " when people hear this they think wow it must be like Etrade or IB. Actualy it's slow and takes a long time to execute trades, it brakes down a lot, and people are always complaining that Banks are stealing from them. Also my freind had to wait more than a month meanwhile going back and forth to Dammam to open his online account. By the way tell me what your problem is in Bahrain I'll be glad to help.


Not true my friend. The award that BMA received recently was for its contribution to the global Islamic funds industry. It was not given to it as the best regulator int the Gulf. And that award was given to it by a Kuwaiti found, not the IMR or the UN!

Who said anything about an award, I'm just stating a fact and all Bankers know it. I'm not sying it could not be better ,but still it's the best in the Gulf.


I think that we could say that few years back. But currently with all the Saudi GIANT banks switching into Islamic Banks this would be history. Look at the index of the largest banks in the Arab World. The top banks in terms of Market Capitalization and equities are Saudi Banks. I'm talking about both, Islamic and non-Islamic.

These banks you talking about where always there when Bahrain was and still is the Islamic Center Of The World, and a few more big domestic banks will not change that. Bahrain has the pole position in Islamic Banking ,for god sake the regulations and terms used in Islamic Banking where coined in Bahrain. It is so famous for that, just mention Islamic Banking to anyone and they will say Bahrain.



Yes it counts in a wealthy country like Saudi Arabia. You can not compare Riyadh to Manama in terms of purchasing power. Riyadh is a HUGE market. You cant even count the shopping malls of Riyadh.

The population factor does not always count. It counts when the population HAS the money

You are right it does count, but in Saudi 70% of the pop are expatriates they are manual workers, maids, drivers, restaurant workers ,Yemeni shop sellers,etc. Saudi is not like before a lot of people are poor now and unemployed. A Saudi told me that last month Imigration Authority announced it had vacancies and thousands applied.

When you campare Bahrain's purchasing power you should include in addition to the domestic buying power the Mill of people who come to Bahrain from Saudi , Kuwait, and Qatar every year. Wealthy people also live in the Eastern Province Of Saudi Arabia and Bahrain is closer to them than Riyad , Also there is big potential to increase visitors from Qatar after the Bahrain Qatar causeway opens. Kuwaitis love to come to Bahrain and they mostly complain of the lake of tourist attractions for families, but after the completion of a lot of the under construction projects in Bahrain they will increase for sure.

Now a trend in Bahrain is that a lot of Expatriates and Arabs especially Al Shawam who work in Saudi have their families in Bahrain and they go back and forth also the American presence may increase in Bahrain and they do contribute a lot to the economy. Some of the developers of projects in Bahrain have their eye on the European Tourist Market and they are trying to copy the UAE success in this.

The question here is: is it a matter of prefernce for Emaar?
I don't think so. It was not a choice for them. You know why, because it is nearly impossible for Emaar to establish a bank based in Riyadh. Even Saudis have very hard time obtaining permits for banks in Saudi.

Things are chaning though

Ok why didn't it establish it in Dubai? Imaar is the biggest contributer to the big project in Rabig it carries a lot of clout,don't try to convince me that it could'nt do that. you say things are changing, are you sure and when will it happen? changing the Stock Market Head and anouncing this Riyad Financial Center is not enough.

Ture, Khalid Bin AlWaleed was one of the invesors who established UIB and is now the chairman of the Bank. However, everybody knows tried to establish the bank in Saudi along with Global House but his propusal was rejected by SAMA (Saudi Arabian Monetary Agency).

And by the way, it is only the biggest Islamic bank in terms of its capital. This will not be a fact anymore after the establishment of the Saudi Enmaa Bank in Riyadh.

So it was rejected by SAMA ? Why do you Know? I don't want to go into politics, but when you have a Monopoly and people making good profit out of it they will shurly not let anybody share the cake with them. This is a good thing for Bahrain as it capitalises on the rejects from other Gulf Countries. Al Masraf is an example although I heard it was rejected by BMA too.

Have you been to Riyadh?
Have you seen the huge banks buildings there? Do you know any Saudi who works for Samba, SABB or NCB? Do you know that one of their major complaints is the lack of office space?

The project was announced last just two weeks ago. And last week about 10 financial and insurance firms expressed interest in reserving office space in the financial district.

Trust me my friends, the buildings you see in the renders will be filled. Finance business is growing in an amazing way in Saudi Arabia.

And by the way, part of KAFD project is a Finance School.


Yes you said it, it's just an opportunity to make money from realestate. They noticed the demand and they are capitalising on it by providing supply, it has nothing to do with being a Financial Center, that needs more work don't beleive everything that is said.

One last thing is the Terrorist threat, don't tell me you are dealing with it. It's more deeper than killing and arresting few people here and there. Also Gulf States wealth is mainly from oil , so what if Bahrain strikes oil then it will be wealthy too especially with the small number of population.

Dubai is actually a bigger threat to Bahrain than Riyad, but things are getting better for Bahrain its fighting back and the verdict is not out yet. I think that the new Financial Centers in the Gulf, those who are successfull at least will complement each other rather than compete with each other.

There are a lot of political considerations especially from the Big Sister Saudi as it's leaders know that Bahrain only has it's Financial Center and to try to attempt to take that away from her is not good for relations between the two countries .Saudi's are too generous to do that even if they can.

:)

here is the official site http://www.kingabdullahfinancialdistrict.com/

Dear Riyadhi,

Dubai is actually a bigger threat to Bahrain than Riyad, but things are getting better for Bahrain its fighting back and the verdict is not out yet. I think that the new Financial Centers in the Gulf, those who are successfull at least will complement each other rather than compete with each other.

There are a lot of political considerations especially from the Big Sister Saudi as it's leaders know that Bahrain only has it's Financial Center and to try to attempt to take that away from her is not good for relations between the two countries .Saudi's are too generous to do that even if they can.


Hey Adel, I'd have to disagree with you on that. The real threat is not Dubai or Qatar, that will only make Bahrain stronger. The real threat is Saudi and Kuwait fully opening up their financial sectors. Even financial experts agree on this point. But for the time being, there are no problems for Bahrain and as it's the world hub for islamic banking and home to over 365 financial institutions and that's a solid foundation to build the future on.

If Saudi is better than Bahrain in the financial sector, then why 180 banks do not think to move thier head quarter from Bahrain to Saudi not even to open a branch, why they are moving from Dubai to Bahrain? why not Reyadh? Any reason?
Bahrain has the experince in the financial sector since the 70s, what about Saudi?

My dear friends,before saying any thing else......please have a look at this article....

"It will be a multi-year project during which Saudi Arabia - already the world's oil capital - will consolidate its position as the Middle East's financial capital. The King Abdullah Financial District will be the headquarters for the Capital Market Authority (CMA) and the Stock Exchange (Tadawul), and for financial institutions and other service providers such as accountants, auditors, lawyers, analysts, rating agencies, consultants, and IT providers.It will host other reforms such as licencing of international banks,insurance and investment companies.The purpose of this new financial academy will be to enhance the skills, training, and capabilities of current and future generations to consolidate Saudi Arabia's position as the largest economy in the region."

these are the words which i copied and pasted here from the first page of this thread............All i wanna say is " although K.S.A is not yet good enough in financials,but it is going to be the 'FINANCIAL CAPITAL' till this project is completed...
and not only i say this,but olso the SAUDI GOVERNMENT " that's all i wanted to say.

Ya forget Qatar I didn't even mention it I meant the current threat is Dubai. Don't worry about Saudi it will never open up even if it does it will be only be a small opening somthing like Misyar not a full marrige. Yesterday Ebrahim Dabdoob Manager of NBK said they where given one branch in Saudi and was saying how difficult it was to compete with one branch. Kuwait I forgot about and your right, but I bet we find oil before they open up the way things are going there.

By the way don't give much weight to what you read in Newspapers or even financial analysts, go back when the DIFC was anounced and read the hype ,headlines,and analyst mumbo jumbo you whould think Bahrain Financial Buisness would be in the tube by now.

Pish and Adel,

I can go on and write a paragraph about each point. Then you'll do the same if not more but I wont. I'll be rather brief and straight to the point.

I like Bahrain. I go there at least once a month. It's got great potential as a major financial center in the region. And YES, Bahrain is relatively advanced when it comes to Finance comparing to Saudi.

However, it is not rational to say that Bahrain has more potential to be the largest financial center in the middle east than Saudi Arabia. Maybe Bahrain was playing that role for fifty years but things don't remain the same for ever.

I have a friend who works in Finance and we once drove to Bahrain on a weekend. Then we passed by BFH and I asked him how am I impressed by how massive the project built by a relatively small country like Bahrain. He said "This center was built based on assuming that the Saudis will never wake up".

Now just in one year what happened in Saudi,
Establishing Al Bilad Bank
Increasing Paid Capital for 7 Saudi Banks between 35% to 100%
Announcing King Abdullah Economic City with it's impressive Financial Island.
Issuing licenses to 3 international banks to work in Saudi (two opend already)
Announcing Enmaa Bank (The larget Islamic bank in the world with a capital of $4 billion)
Announcing King Abdullah Financial Distric (the larget financial district in the Middle East)

That was all in only ONE YEAR. This financial boom is not enough yet to keep with the the economic boom going on in Saudi. Only the oil and gas projects will need finance of more than $150 billion.


Now please think of these questions;

Is it realistic to compare the Saudi Economy with the Bahraini Economy?
Why did Bahrain become the financial center of the Middle East?
Why did NOT Saudi Arabia became the financial center of the Middle East?

Adel, do you belive that finance is like rocket science and that only Bahrain can do it right?
Do you think that Saudi is not capable of brining the best experties in the world (even from Bahrain) to build it's financial institutions?
What makes it hard for Saudi Arabia to be the financial hub of the Middle East?
Why can it be the Financial hub of the Middle East?


I'll answer that last question: Because SAudi has the MONEY, and finance is all about the money..



Final Note:
Keep in mind that the one who said that Saudi will be the Financial Capital of the Middle East was not a news agency or a financial anaylst. It was the the Saudi government itself who said that. Now trust me on this one; they only claimed that because they have solid plans.

Adel,

Come on my friend I know you feel threatened by this financial district ;).
I don't think you should think that way though..

Yes we are threatened because it's all we have right now untill we manage to develop our tourism in a couple of years or strike oil :) . I think what will happen eventually is every country will find it's knish and develop it.

Yes ADEL......RIYADHI is absolutly right,
Saudi arabia has a plenty of money to spend.And infact they are......Money is being used like water in the KINGDOM.......there are over 400 projects going on here,and 25% of it are "MEGA PROJECTS" as in cities,plants,railway,red sea causeway n more...
And this is the first time ever in history that the projects of this quantity are held in the KINGDOM......
So these are the indications of the moving speed of SAUDI ARABIA.......

http://www.kingabdullahfinancialdistrict.com/images/big_images/district_at_night_big.jpg

http://www.kingabdullahfinancialdistrict.com/images/big_images/PDVD_024_big.jpg

http://www.kingabdullahfinancialdistrict.com/images/big_images/wadi-wide-night-HD_big.jpg

http://www.kingabdullahfinancialdistrict.com/images/big_images/Wadi-Covered-hd_big.jpg

http://www.kingabdullahfinancialdistrict.com/images/big_images/PDVD_013_big.jpg

http://www.kingabdullahfinancialdistrict.com/images/big_images/PDVD_008_big.jpg

http://www.kingabdullahfinancialdistrict.com/images/big_images/office-hd_big.jpg

http://www.kingabdullahfinancialdistrict.com/images/big_images/LRT-HD_big.jpg

http://www.kingabdullahfinancialdistrict.com/images/big_images/financial-plazza-hd_big.jpg

http://www.kingabdullahfinancialdistrict.com/images/big_images/aquarium-hd_big.jpg

I wonder what's the height of those center piece towers.

WOW! :eek2:
Such a massive project,I liked that huge AQUARIUM inside that building.....
I'm just waiting for it to be completed n spend VACATIONS in there as soon as possible :runaway:

I like Bahrain. I go there at least once a month. It's got great potential as a major financial center in the region. And YES, Bahrain is relatively advanced when it comes to Finance comparing to Saudi.

now that was a heart-warming paragraph

However, it is not rational to say that Bahrain has more potential to be the largest financial center in the middle east than Saudi Arabia. Maybe Bahrain was playing that role for fifty years but things don't remain the same for ever.

actually Bahrain WAS and still is playing that role from the 70s and so far we are exploring ways of improving in that department. Back then I remember some of the biggest banks in the world started their international operations here and since then they have merged with other banks to become much bigger

I have a friend who works in Finance and we once drove to Bahrain on a weekend. Then we passed by BFH and I asked him how am I impressed by how massive the project built by a relatively small country like Bahrain. He said "This center was built based on assuming that the Saudis will never wake up".

that was blunt. I was expecting him to say "the more opportunities for us to invest in Bahrain"

Is it realistic to compare the Saudi Economy with the Bahraini Economy?

Yes because both are working hard to get to that position but Bahrain started way earlier

Why did Bahrain become the financial center of the Middle East?

coz back then in the 70s and 80s no one knew about Dubai and the perceptions of westerners about Saudi Arabia did not encourage them to invest there so I guess Bahrain and Kuwait were the only two places left in the reigon with open doors of opportunity

Why did NOT Saudi Arabia became the financial center of the Middle East?

that would be such a no-brainer for any westerner to think about it

do you belive that finance is like rocket science and that only Bahrain can do it right?

it's a bit like driving a stick for the first time, it takes a few bad shifts to finally get the car moving

Do you think that Saudi is not capable of brining the best experties in the world (even from Bahrain) to build it's financial institutions?

in this case I will have to agree that Saudi IS capable as long as they envision this whole idea


What makes it hard for Saudi Arabia to be the financial hub of the Middle East?

several factors that do not require to be listed

Why can it be the Financial hub of the Middle East?

I'll answer that last question: Because SAudi has the MONEY, and finance is all about the money..

and you think Bahrain doesn't have the money? Ofcourse it has but it's diversifying and yet improving on the financial sector

Final Note:
Keep in mind that the one who said that Saudi will be the Financial Capital of the Middle East was not a news agency or a financial anaylst. It was the the Saudi government itself who said that. Now trust me on this one; they only claimed that because they have solid plans.

so what exactly does that mean anyways??

i don't want to get caught up in this saudi-bahraini argument but...seriously you guys should know that both saudi and bahrain have their limitations..

saudi will never become anything as long as its population is lazy (yes it's true..don't deny it), as long as there is so much red tape, and as long as the country (or rather the government) is hostile to foreign nationals (outside of the GCC). Its so freaking hard just get into the country...let alone invest or open a bank or financial institute....you have to know someone who's got some clout...

bahrain...while ahead because of its expertise and reduced red tape and a more open mentality to foreign investment and foreign citizens will always be in the saudi shadow. the saudi economy is huge....there is no denying it...and please...don't compare the two economies....because u can't....and remember..if the saudis choose to do so..(and conditions in saudi permit) saudis can pull out their investments from bahrain and other places and invest in saudi and boost the economy and its financial sector.

i also want to reply to someone who said that the percentage of foreign nationals in saudi is 70%. bud...i think you're thinking of the other gulf countries...not saudi...

Pish-REZ-pash,

Bahrain will be the financial center of the whole world. And in case we find life in another planet, the aliens in that planet will come to Bahrain for their financial needs. Happy?


Now let us not waste too much time on this comparison.

Amazing renders Riyadhi!:)

good for you riyadhi

Somthing I read today in an interview with BBK CEO in Bahrain.

سؤال

البحرين مركزا ماليا تعتبر البحرين مركزا ماليا على مستوى المنطقة، لكنها أصبحت تواجه منافسة شديدة مؤخرا من بعض الدول المجاورة، كيف يمكن لها ان تحافظ على هذه الخصوصية؟

جواب

انا ممن يرحبون بتعددية المراكز المالية في الشرق الأوسط، للكثير من الأسباب، قد يكون من اهمها خلق فرص العمل للأجيال لاسيما ان عدد السكان يفوق الـ200 مليون نسمة، إضافة الى أهمية خلق المنافسة التي من شأنها تقديم خدمات اكثر وأفضل بما ينعكس بشكل ايجابي على التنمية لا سيما اننا نعيش مرحلة تغيير كبيرة على المستوى السياسي والاقتصادي والاجتماعي . ونحن نعلم ان أغلب تركيبة المجتمع في المنطقة من الشباب بما يحدث لدينا تحد كبير لخلق وظائف وعمل مناسب لهم، فضلا عن انهم سيكونون بالتأكيد زبائن ومستهلكين لأدوات ومنتجات مالية قد تنتجها هذه المراكز. واعتقد انه يجب النظر الى المسألة من ناحية التحدي والاستفادة، وفي هذه الحالة لا شك ان مركزاً مالياً او اثنين في الشرق الأوسط غير كاف لهذا التحدي الكبير الذي سنواجهه خلال الـ20 او 25 سنة القادمة. وتعدد المراكز المالية سوف يخلق فرصاً اكبر وبالتالي تنافس وخدمات إضافية، بما يسمح بتقييم البحرين مقارنة مع هذه المراكز. ونضوج المركز المالي يحتاج الى وقت يتراوح بين 40 و 50 عاما على الأقل، حتى تكون التشريعات متكاملة، وليست كاملة، فضلا عن تجهيز الكوادر البشرية والخبرات القادرة على الإنتاج بالمستوى المطلوب وبالتالي اعطاء عمق اكثر في السوق. والبحرين ستواجه بالتأكيد منافسة كبيرة ولكنه أمر جيد، حيث لا يمكن لك ان تكون وحدك في السباق، لأنه لن يكون اداؤك كما لو كان هناك منافسون، والسوق البحرينية لديها ايجابيات من ناحية الكوادر البشرية والخبرة، فضلا عن مرونة التشريعات وتفهم الجهات المعنية وقدرتها على الإدارة، لكنها خصوصيات تحتاج دائما الى التجديد. اما فيما يتعلق بالمحافظة على هذا الموقع فيجب علي البحرين ان تعمل وبأسرع وقت ممكن على تطوير وتجهيز وتمييز الكوادر البشرية، فالاستثمار بالإنسان هو ما يميز الدول ويجعلها في المقدمة بشتى المجالات، خصوصا ان الدول بالمنطقة تنبهت لذلك فضلا عن انها تستقطب الخبرات من الخارج. ولكن يجب ان يكون الاستثمار بالكوادر البشرية وفق خطة واضحة ومفهومة وليس مجرد تمنيات وكلام.


I second what riyadhi said let's close the subject, and mabrook for all Saudi's their new financial center.

Ye have to say its a great project..
Bahrain + Saudia vs. DuBAI!! jus joking!!

Pish-REZ-pash,

Bahrain will be the financial center of the whole world. And in case we find life in another planet, the aliens in that planet will come to Bahrain for their financial needs. Happy?


Now let us not waste too much time on this comparison.

aww shucks I was jus havin fun :(

oh well better leave as it is then ;)

I think we are not seeing the point. Finical centres in Bahrain , Qatar, King abdullah economic city ,Riyadh and Dubai. All of them will collapse .the finical centres always located next to huge industrial countries .eg: Hong kong and Singapore located next to the giants chain &Indian ,NYC serving the American market London serving western Europe , Swiss serving the previous soviet countries and the wealthy corrupted people ,and now in the gulf we will have 5 centres serving home , financing home some hotel and malls or fast food restaurant ,That is the question

Tareq I get your point, But Bahrain has been a financial center for over 30 years and there are no signs of collapse , actually it's getting stronger with competition.

who is handling this project? this is a disign by who?

It looks awesome if built when is this project going to be completed or finalized

Which one do you like..

King Abdullah Financial District?


http://i6.tinypic.com/14l2gwj.jpg


http://i6.tinypic.com/14l2hav.jpg


http://i6.tinypic.com/14l31pd.jpg







Or The Financial Island at KAEC ?

http://i5.tinypic.com/14l31wx.jpg

http://upload.wikimedia.org/wikipedia/en/8/8f/Kaec_id.jpg

http://upload.wikimedia.org/wikipedia/en/4/4d/Kaec_fi.jpg

i prefer the last one
:)

all these islands are unnecessary with all that desert lying around. go with option number 1!

KAEC is definitely more exciting.....altho i'm not too sure about the location of the city. I guess we'll have to wait and see if it manages to attract people to move and work there..

The King Abdullah Financial IN Riyadh



http://www.bygnet.dk/bygnet/pictureArchive/large/A1149585733104HLT_FP1.jpg


http://www.kingabdullahfinancialdistrict.com/images/big_images/PDVD_000_big.jpg


http://www.kingabdullahfinancialdistrict.com/images/big_images/district_at_night_big.jpg


http://www.alriyadh.com:81/2006/07/22/img/217604.jpg


http://www.kingabdullahfinancialdistrict.com/images/big_images/PDVD_024_big.jpg


http://www.kingabdullahfinancialdistrict.com/images/big_images/financial-plazza-hd_big.jpg


http://www.kingabdullahfinancialdistrict.com/images/big_images/wadi-wide-night-HD_big.jpg

http://www.kingabdullahfinancialdistrict.com/images/big_images/aquarium-hd_big.jpg




http://www.alriyadh.com/2006/07/22/img/217606.jpg

^ Don't know what you guys think, but these renderings are extremely poor (the exterior ones) in my opinion!

When they announced the project they said that it is on the final design stages. So, those renderings are probably preliminary.

Source: http://www.arabnews.com/?page=1&section=0&article=93284&d=8&m=3&y=2007

Master Plan for King Abdullah Financial District Approved
P.K. Abdul Ghafour, Arab News

JEDDAH, 8 March 2007 — Work on the King Abdullah Financial District (KAFD) in Riyadh, which is designed to become the largest financial center in the Middle East, will start within a few weeks as KAFD’s executive committee has approved the master plan, it was announced yesterday.

The financial district will be the headquarters of the Capital Market Authority (CMA), the Stock Exchange (Tadawul) and the Commodity Market, and for financial institutions and other service providers such as accountants, auditors, lawyers, analysts, rating agencies, consultants, and IT providers.

“The first excavations are scheduled to begin within weeks and the first building is expected to open near the end of 2008,” a statement issued by the committee said, adding that KAFD would spearhead the Kingdom’s strategy to promote private sector development in order to diversify its oil-based economy and increase employment opportunities for its young people. The project is expected to create 43,000 new jobs.

In addition to world class office space and housing, the district will also have a financial academy and recreational facilities. It will offer a fully integrated development including offices, hotels, a conference center, shops and sports arenas for football, volleyball and basketball.

KAFD’s executive committee consists of Finance Minister Dr. Ibrahim Al-Assaf, Governor of the Public Pension Authority Mohammed Al-Khrashi, Acting Chairman of the Capital Market Authority Dr. Abdul Rahman Al-Tuwaijri, Governor of Saudi Arabian Monetary Agency Hamad Al-Sayari and Riyadh Mayor Dr. Abdul Aziz Al-Miqren.

“The committee has sought to incorporate the best ideas from all the world’s leading financial centers in order to avoid the mistakes that others have made,” the statement said.

“Thus a feature of the district’s center will be the absence of motor cars and the creation of attractive pedestrian areas,” it added. It will also have parking space for 40,000 cars located largely on the perimeter. Travel within the “noise barrier” will be by monorail and by giant skywalks — giant bridges in the sky linking multistorey buildings.

At the center of the KAFD will be a modernized concept of a wadi — a central waterway, around which will be established an attractive working ambience for the growing work force in the financial sector. Security will be built in as a central part of the design. So will environmental and ecological considerations.

The Pension Fund is KAFD’s landowner and the prime developer. “Now that the master plan for KAFD has been completed and approved, construction will begin immediately and will create thousands of construction and other related jobs over an intense three-year period of building and development,” said Al-Khrashi. “We have approved a state-of-the-art design for what will be the first major financial center of the 21st century,” he added.

According to Al-Khrashi, many major banks, financial institutions and professional service companies have already indicated their intention to locate in the district in order to play a major part in the Kingdom’s diversification drive.

“The whole Saudi economy will benefit from the project,” he said, adding that the fund’s pensioners would gain from the profit generated from its ownership and management of the project.

“Saudi Arabia’s young generation will also benefit because we will open a financial academy for 5,000 students. The purpose of this new financial academy will be to improve the skills, training, and capabilities of current and future generations.”

Finance Minister Al-Assaf said the KAFD was designed to become an international financial center equal in scale as well as in quality to some of the world’s leading capital markets.

“No other center in the region offers a comparable partnership with the world’s financial institutions in order to finance and develop one of the largest and most diversified programs of projects,” he said. “This is an exciting and pivotal moment in the Kingdom’s history.”

The construction of the KAFD is the latest stage in a carefully planned program of financial modernization by Saudi Arabia. Located close to the business center of Olaya, the KAFD will spread over an area of 1.6 million square meters. It will have a floor space of some 3.3 million square meters.

Saudi Arabia, which holds a quarter of the world’s proven oil reserves, is the largest economy in the Middle East with a GDP of $374 billion in 2006 and a GDP real growth rate of 5.9 percent.

not started yet!!!

good news :)

thanks huit :)

there should be an economic city in dammam

Thanks for the update!

I live 1 km away from the location of KAFD and they just started working on the land.

Thanks for the update!

I live 1 km away from the location of KAFD and they just started working on the land.

thanks man ;)

be updated tyt2000

dont forget us

King Abdullah Financial Centre in Riyadh
May 2007

Owner: Retirement Fund Investment
Budget: $1.4 billion
Scope: The project calls for design and construction of integrated financial complex on 1.6 million sq m area in North Riyadh. The project is called King Abdullah Financial Center and aims to be the largest financial complex in the Middle East.
Update: Sources indicate that the final plans will be sent to Arriyadh Development Authority to get approved.

www.gulfconstructiononline.com

come on guys who many Members we have here living in riyadh you should show us what happening in all projects around you!!!

^^ I agree 100%

^^ nothing much is happening now in this project. They just started grading and excavation work not too long ago.

i live in riyadh

but i'm toooooooooooo lazy ass

:-)

be updated tyt2000

dont forget us

I won't :)

Nothing exciting happening just like Riyadhi said. I will snap some pics once the party gets started ;)

who is the main contractor?

Financial nerve centre

Work on the King Abdullah Financial District (KAFD) in Riyadh, which is designed to become the largest financial centre in the Middle East, is expected to start shortly following the go-ahead given to its masterplan by its executive committee.

“We have approved a state-of-the-art design for what will be the first major financial centre of the 21st century,” says Mohammed bin Abdullah Al Khrashi, governor of the Public Pension Authority (PPA), the KAFD’s landowner and the prime developer.
“Details of the master plan are currently being finalised and preparations for the infrastructure are under way, with detailed design work for the infrastructure just launched,” a spokesman for the project informs Gulf Construction. The first excavations on the 1.6 million sq m site in the Capital City are scheduled to begin shortly and the first building is expected to open near the end of 2008.
The fully-integrated development, which lies close to Riyadh’s main business district of Olaya, will include offices, hotels, conference centre, shops and recreational facilities, within easy reach of the city centre and airport and well served by the road network.
The King Abdullah Financial District is designed as a state-of-the-art and fully self-contained centre for doing business and facilitating investment and enterprise in the kingdom and, in due course, in the wider region.
Conceived as part of the overall economic diversification programme, the custom-built financial district aims to providing the financial community with state-of-the-art working environment over an area of 3.3 million sq m district.
The financial district will be the headquarters of the Capital Market Authority (CMA), the Stock Exchange (Tadawul) and the Commodity Market, and will accommodate financial institutions and other service providers such as accountants, auditors, lawyers, analysts, rating agencies, consultants, and IT providers.
The master plan for the KAFD divides the new financial centre into three areas:
• The Leaf, which will be the heart of the KAFD. It will be a mixed-use area, consisting of 23 per cent residential, five per cent retail and the rest high-quality office space. Two thirds of the area will be public realm, including major attractions such as an aquarium, a museum, hotels, an exhibition centre, a conference centre and mosques;
• The North West Areas, which will include support services, utilities and parking located in the northwest;
• The South Area, which will be residential and office accommodation.
The KAFD is expected to spearhead the kingdom’s strategy to promote private sector development in order to diversify its oil-based economy and increase employment opportunities for its young people, creating an estimated 43,000 new jobs.
It is designed to meet the existing and growing demand for Type A office accommodation. In addition to world-class office space and housing, the district will also have a financial academy, recreational facilities and sports arenas for football, volleyball and basketball.
The KAFD Executive Committee consists of many of Saudi Arabia’s most senior financial decision-makers. Apart from Al Khrashi, it includes Ibrahim Abdulaziz Al Assaf, Minister of Finance; Dr Abdulrahman Al Tuwaijri, acting chairman of the Capital Market Authority; Hamad Al Sayari, governor of the Saudi Arabian Monetary Agency (Sama); and Prince Dr Abdulaziz bin Mohammed bin Ayyaf Al Miqren, mayor of Riyadh.
“Because of Saudi Arabia’s size and its role as the world’s largest exporter of oil, our aim is to establish an international financial centre equal in scale as well as in quality to some of the world’s leading capital markets,” says Al Assaf. “No other centre in the region offers a comparable partnership to the world’s financial institutions in order to finance and develop one of the largest and most diversified programme of projects that any country has ever undertaken.
“The growth of the KAFD over the next few years will create more jobs and rising living standards for our growing population. This is an exciting and pivotal moment in our Kingdom’s history.”
According to the spokesman, the executive committee has sought to incorporate the best ideas from all the world’s leading financial centres – and designed a new centre that aims to avoid the mistakes that others have made.
“Thus a feature of the district’s centre will be the absence of motor cars and the creation of attractive pedestrian areas,” he adds.
It will also have parking space for 40,000 cars located largely on the perimeter and notably in the northwest area. Travel within the “noise barrier” will be by monorail and by giant skywalks – which are described as giant bridges in the sky linking multi-storey buildings.
The skyways will be climate controlled and modelled on successful earlier innovations such as the 16 km of skyway linking the main buildings in Calgary, Alberta, in Canada.
At the centre of the KAFD will be a modernised concept of a wadi – a central waterway, around which will be established an attractive working ambiance for the growing workforce in the financial sector. Thus, there will be big squares and parks, cafes and restaurants and sports arenas for football, basketball and volleyball.
A number of elements are intrinsic to the design, such as security as well as environmental and ecological considerations.
The project, which was officially announced in May last year by the Custodian of the Two Holy Mosques, King Abdullah bin Abdul Aziz Al Saud, is designed to be the Middle East’s first financial district on a scale, and of regulatory and technological standards, to match the major global financial centres.
“Now that the master plan for the King Abdullah Financial District has been completed and approved, construction will begin immediately and will create thousands of construction and related jobs over an intense three-year period of building and development,” says Al Khrashi.
Many of the world’s major banks, financial institutions and professional service companies – already operating in Saudi Arabia – have indicated their intention to locate in the KAFD in order to play a major part in the diversification of the world’s major oil economy, he indicates.
“The whole Saudi economy will benefit – but especially the PPA’s pensioners, who will gain from the profit generated from our ownership and management of the KAFD project.
“The PPA sponsors investment projects that are beneficial to the equity of the pensioners, and help to support the financial revenues of the Agency. The PPA’s investment in this project is in line with this policy. It will own and develop the whole project, and will provide opportunity for the CMA and other government agencies such as Sama, and other related companies, such as insurance companies, banks and financial services to find suitable locations and offices that are equipped with the world’s modern technologies. It has already taken the necessary steps towards achieving this objective, and it expects that the project will create an excellent working environment that will attract excellent investment opportunities.”
The PPA is an independent agency that manages the civil and military retirement system in Saudi Arabia and provides social protection and insurance coverage to the civil and military officers working in the public sector.


http://www.gulfconstructionworldwide.com/Articles.asp?Article=8670

Minor Update:

They are constructing three huge displays on all sides of the land. I think it will be used to display an image of the finished project.

They are also putting construction barriers on the edge of the land.

I'll post some pics once they put something on those displays...

OK we will be waiting :)

We are still waiting...

tyt2000 dead too!!!

They just posted the new banners last week.

Here are some pics I took today from Takhassussi street:

(Excuse the poor quality, they're taken with a mobile)

http://www.thameraltassan.com/temp/19092007.jpg
http://www.thameraltassan.com/temp/19092007(001).jpg
http://www.thameraltassan.com/temp/19092007(002).jpg
http://www.thameraltassan.com/temp/19092007(003).jpg

===========================

Provided by:
http://thameraltassan.com

woah... looks awesome

cool it's like museum!

isnt it too dense? where are the open spaces and roads? also, wouldnt a grid system be better cuz it's like an entire new downtown? just wondering..

maybe the model isnt 100% accurate and there'll be more breathing room..

Thanks for the pictures!
That place (plot) doesn't look as big in person as it does in the rendering, I tell ya.

MARLTON, N.J. & RIYADH, Saudi Arabia--(BUSINESS WIRE)--Hill International (Nasdaq:HINT - News), the worldwide construction consulting firm, announced today that it has been awarded a contract by the Public Pension Agency of the Kingdom of Saudi Arabia to provide project management services during the design and construction of the King Abdullah Financial District in Riyadh, Saudi Arabia. The five-year contract has an estimated value to Hill of approximately SAR 42.6 million ($11.4 million).
ADVERTISEMENT


The King Abdullah Financial District is anticipated to be the biggest financial district in the Middle East and a strategic development for the city of Riyadh. The site is approximately 1.6 million square meters (17.2 million square feet) and the development is expected to have floor space of over 3.0 million square meters (32.3 million square feet). The Financial District is expected to be the headquarters for the Capital Market Authority, the Tadawul Stock Exchange and other major financial institutions, as well as a location for financial service providers such as accountants, auditors, lawyers, analysts, rating agencies, consultants and technology providers. The anticipated cost of the development is approximately SAR 29.0 billion ($7.8 billion).

"The King Abdullah Financial District will be a state-of-the-art center for doing business and facilitating investment in the Kingdom and throughout the Middle East," said Raouf S. Ghali, President of Hill's Project Management Group (International). "Hill is honored to have been chosen to manage the design and construction of such an important development," Ghali added.

Hill International, with 1,500 employees in 70 offices worldwide, provides program management, project management, construction management, and construction claims services. Engineering News-Record magazine recently ranked Hill as the 10th largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com.

Business
The King Abdullah Financial District will house the large community of professionals working within the financial sector and related industries, hosting the head quarters of the Capital Market Authority, the Stock Exchange, banks, financial institutions and other service providers such as accountants, auditors, lawyers, analysts, rating agencies, consultants, and IT providers.
The King Abdullah Financial District provides the next generation of development and will ensure the sustained dominance of Saudi Arabia as the largest economy and financial centre within the region
http://www.kingabdullahfinancialdistrict.com/images/main_images/business_01.jpg


The Grand Mosque
Serving the King Abdullah Financial District and the community.
http://www.kingabdullahfinancialdistrict.com/images/main_images/business_03.jpg


Education
The King Abdullah Financial Academy will provide training and education for those wishing to enter and those working within the financial sector giving everyone the opportunity to enhance their skills and develop their full potential
http://www.kingabdullahfinancialdistrict.com/images/main_images/business_03.jpg


btw, why we didn't see the KAFD's participation in those real estate exhibitions?

why it's take long time to built it!

^^
everything in this country takes long time :(

haha yes I agree..

I wonder if they started the actual construction... I remeber they started the site preparation few months ago!

nope, no sign of ANY kind of construction on the site.

I've been passing near the huge plot all last week but i didn't see any activity...or maybe is it too early for the construction start?

This project stinks. It looks so damn ugly. Come on guys, Saudi Arabia has alot of potential, it could practically kill all the other Gulf economies. But this project is an insult to Saudis.:ohno::nuts:

^^ but see, we don't want to kill the economies of our brothers :lol:

^lol, but one day you will. saudi is like a sleeping giant ready to screw us in the back someday.

^lol, but one day you will. saudi is like a sleeping giant ready to screw us in the back someday.

KAEC will be a success no doubt.

http://www.netpublikationer.dk/um/8191/images/image_2-f5Jo_30.jpg

http://www.netpublikationer.dk/um/8191/images/image_3-3oiq_31.jpg

I wonder what is the status on the ground!
Has anyone been in that area lately?

KAEC will be a success no doubt.

I doubt. Though, I wish I'm wrong.
Anyone can answer the why?

^^ it's natural for anyone to have doubts about KAEC...because it really doesn't make sense in many ways..

It's being constructed in an area that is not densely populated..so the obvious concern is whether there will be enough people (even with people migrating from other areas) to populate the city.

And migrating isn't that easy. People cannot just pack their bags and head to KAEC, which is why if this was further south (i.e. closer to jeddah) it would have better chances. Yes, it might provide higher standards of living and it might be new, glitzy, or whatever...but are people prepared to leave the jobs and go to KAEC? Maybe there will be a lot of job opportunities in KAEC but...really if I have a secure well-paid job, why would I really want to move somewhere so far that I'll have to leave the job? It's the same with people with children. Would people want to pull their kids out of school and head for a place without established schools? What about foreigners with kids in foreign schools...such as the schools run by the embassies?

In many ways, this whole thing could be a disaster waiting to happen. My hope is that they've thought about all this...and will develop the city slowly and in phases so it doesn't collapse if people don't more there right away....so people can have a few years to prepare (find jobs/schools/residence) to move to the city...

A project of this magnitude (a la dubai) is pretty crazy...but it's worked for dubai because the projects there allowed people to have everything else stable as they moved to new residences/offices. Hence, my feeling is that it would have worked better if it was closer to Jeddah...which would allow people to keep everything else stable as they relocated their residences and/or offices. Anyway, let's see how it goes :)

Oh..I realize this isn't the KAEC thread...but since we started discussing KAEC.....sorry :)

I wonder what is the status on the ground!
Has anyone been in that area lately?

I went past it just couple of days back... and as you might've expected, there is absolutely no sign of any construction.

^^ it's natural for anyone to have doubts about KAEC...because it really doesn't make sense in many ways..

It's being constructed in an area that is not densely populated..so the obvious concern is whether there will be enough people (even with people migrating from other areas) to populate the city.

And migrating isn't that easy. People cannot just pack their bags and head to KAEC, which is why if this was further south (i.e. closer to jeddah) it would have better chances. Yes, it might provide higher standards of living and it might be new, glitzy, or whatever...but are people prepared to leave the jobs and go to KAEC? Maybe there will be a lot of job opportunities in KAEC but...really if I have a secure well-paid job, why would I really want to move somewhere so far that I'll have to leave the job? It's the same with people with children. Would people want to pull their kids out of school and head for a place without established schools? What about foreigners with kids in foreign schools...such as the schools run by the embassies?

In many ways, this whole thing could be a disaster waiting to happen. My hope is that they've thought about all this...and will develop the city slowly and in phases so it doesn't collapse if people don't more there right away....so people can have a few years to prepare (find jobs/schools/residence) to move to the city...

A project of this magnitude (a la dubai) is pretty crazy...but it's worked for dubai because the projects there allowed people to have everything else stable as they moved to new residences/offices. Hence, my feeling is that it would have worked better if it was closer to Jeddah...which would allow people to keep everything else stable as they relocated their residences and/or offices. Anyway, let's see how it goes :)

Oh..I realize this isn't the KAEC thread...but since we started discussing KAEC.....sorry :)

Well spoken, gohorns,
They have, for sure, thought about all that. But no one can really tell what are their justification for all that. For the proximity to Jeddah, I think they couldn't get land there, since land is owned by the most wealthy in the country, those who refuse to give away or even share any square meter of an opportunity to such a giant foreign ogre. Don't forget that KAEC is meant to be industrial at the first place.

sorry, I think we should move this to KAEC thread,
see you there.

ستشهد أعمال حفر كبيرة وإزالة للصخور.. والتشييد سيتم بأسلوب التنفيذ المتسارع

انطلاق مرحلة التشييد والبناء في مركز الملك عبدالله المالي والبدء في تخصيص المواقع للمستثمرين

http://www.alriyadh.com/2008/01/27/img/281131.jpg

أعلنت المؤسسة العامة للتقاعد أنها أنهت المراحل المتعلقة بتجهيز انطلاق مشروع مركز الملك عبدالله المالي الذي دشنه خادم الحرمين الشريفين الملك عبدالله بن عبدالعزيز بتاريخ 1418/3/29ه. وقال ل "الرياض" المهندس سعود بن عبدالعزيز الملق مدير عام المشاريع العقارية في المؤسسة إنه تم الانتهاء من إعداد ومراجعة المخطط العام للمشروع وتم تحديد أطوال وارتفاعات جميع المباني وكذلك الطرق ومناطق الخدمات العامة والفنادق والمساجد وجميع عناصر استخدامات المشروع المختلفة، كما أنه يجري التنسيق حالياً مع الجهات الأمنية حول متطلبات وسائل الأمن والسلامة في المركز مما يتوقع معه انطلاق أعمال التنفيذ للمشروع هذا العام بإذن الله. وكانت "الرياض" قد قامت بجولة ميدانية في مقر شركة الاستثمارات الرائدة وهي الشركة التي صدرت موافقة المقام السامي لتأسيسها كشركة مملوكة 100% للمؤسسة العامة للتقاعد وتقوم بإدارة المشاريع العقارية للمؤسسة على أسس تجارية ومنها مركز الملك عبدالله المالي. والتقت المهندس سعود الملق والمهندس ماجد العتيبي والمهندس ناصر العودان ومدير المشروع بشركة هل انترناشونال السيد اليكس والدكتور حزام زايدي والمهندس حبيب فياض والمهندس عبدالمحسن البكر والمهندس صالح الربيش.
وأوضح المهندس الملق أن المؤسسة بمساندة مدير المشروع الذي سبق التعاقد معه شركة هل انترناشونال Hill International قاموا بوضع خطة زمنية تفصيلية لتحديد جميع المراحل اللازمة لمراقبة سير تنفيذ أعمال المشروع وفقاً للمراحل المعتمدة.

كما قامت المؤسسة بإرسال دعوات لأربعة عشر مكتباً استشارياً من المكاتب التي سبق تأهيلها للقيام بأعمال التصاميم لتنفيذ البنية التحتية للمشروع ومن المتوقع أن تقدم هذه المكاتب عروضها خلال 24أسبوعاً القادمة ليتم البدء في تنفيذ أعمال البنية التحتية التي تتضمن الطرق والأنفاق وأعمال التمديدات الصحية والكهربائية والتشجير وكذلك أنظمة التبريد والقطار المتحرك والاتصالات والأمن والسلامة ومن المتوقع أن يتزامن تنفيذ مرحلة التأسيس للبنية التحتية مع تشييد عشرة أبراج تم الانتهاء من إعداد التصاميم الأولية لها وتم طرحها للمتنافسين المؤهلين ومن المفترض تقديم عروضهم خلال فترة لا تتجاوز ثلاثة أشهر ليتم بعد ذلك البدء في التشييد والبناء لها بأسلوب التصميم والتنفيذ المتسارع Design and built. كما تمت دراسة جميع متطلبات البناء والتنسيق ولعل من أهمها الحجم الكبير والضخم لأعمال الحفر وإزالة الصخور للمواقف والأساسات وكذلك مرحلة التبريد المركزي District cooling بدراسة وتحديد جميع متطلبات البناء والتنسيق مع الشركات ذات العلاقة. كما بدأت الشركة المشرفة على المشروع بالتنسيق مع الشركات العالمية ذلك الخبرة في مجال القطارات الخفيفة. وكذلك بدأت الشركة بالتنسيق مع أهم الفنادق المحلية والعالمية لإدارة الفنادق في المشروع. كما تم ابتعاث 9مهندسين سعوديين للدراسة خارج المملكة ليستطيعوا إدارة المشاريع العقارية للمؤسسة وخاصة مركز الملك عبدالله المالي. وقد أوضح مدير المشروع شركة هل انترناشونال السيد اليكس مكاي أن الخطة الزمنية تم وضعها على عدة مراحل للتنفيذ مشيراً إلى أنه لن تتم مساواة الأرض ببعضها وسيتم استغلالها استغلالاً متميزاً يضيف جمالية للموقع. وقد أطلعت "الرياض" على خطة العمل للمشروع والتي تبين من خلالها المهنية الراقية في وضع جميع الضوابط والاحتياطات والتجهيز للانطلاق بالمشروع بإذن الله وفقاً لأفضل الأساليب المهنية. وذكرت إدارة التسويق العقاري بالتقاعد أنه تم تكليف شركة DTZ لإعداد سياسة التسعير للبيع والتأجير للمواقع وقد تم بالفعل التفاهم مع كبار المستثمرين حول تخصيص مواقعهم. يشار إلى أن مركز الملك عبدالله المالي قد سبق الإعلان عنه ليكون أكبر مركز مالي متطور في منطقة الشرق الأوسط وشمال أفريقيا وسوف يضم جميع المؤسسات المالية الراغبة ويشيد وفقاً لأفضل الأساليب المعمارية الحديثة وتشرف عليه أفضل الشركات العالمية المتخصصة. وتهدف المؤسسة العامة للتقاعد من تبني هذه المشاريع العملاقة من تنمية وتعظيم حقوق المشتركين بها بما يعود عليهم وورثتهم بالنفع إن شاء الله كما تجدر الإشارة إلى أن هذا المشروع يحظى بدعم لا محدود من حكومة خادم الحرمين الشريفين الملك عبدالله بن عبدالعزيز - يحفظه الله - وسمو ولي عهده الأمين الأمير سلطان بن عبدالعزيز ومتابعة مستمرة من صاحب السمو الملكي الأمير سلمان بن عبدالعزيز أمير منطقة الرياض.


Briefly, construction will start this year...

مشيراً إلى أنه لن تتم مساواة الأرض ببعضها وسيتم استغلالها استغلالاً متميزاً يضيف جمالية للموقع
very interesting
but anyone know how?

isn't riyadh land flat? i can't imagine these project in reality,it's something like Final Fantasy world!

it is flat, but not 100%
there is lot of gentle or rough ups and downs

So is Saudi Arabia's Economic Capital Jeddah or Riyadh??

It used to be Jeddah but now I'd say it's Riyadh...

^^ I think that depends. I would say Jeddah is the commercial capital...but the heart and soul of the Saudi economy is in Eastern Province...where most of the oil is...as well as the industrial cities of Jubail and Rabigh..

I agree with those who alluded to the breakdown as:
Jeddah- Commercial and Touristic Capital
Riyadh - Financial and Political Capital
Dammam/Jubail - Industrial Capital

But over the past couple of years, we've been witnessing a lot of diversification across Saudi, which in the long-run will be more beneficial to the whole country.

gohorns:
Agreed.
One Correction though: Rabigh is actually close to Jeddah and not in the Eastern Prov.

So is Saudi Arabia's Economic Capital Jeddah or Riyadh??


Riyadh is the Political Capital and is also a capital of princes , we know that these projects are handled by the government, so definitely it will be places at there city.
But Jeddah is the Economic Capital for our country. All economic and investment projects placed on it are handled by traders.
In future, I think projects are made in Riyadh will not produce what they look for and all back to invest on the real economic city "Jeddah".


Riyadh = Washington of Saudi Arabia
Jeddah = New York of Saudi Arabia

^^ first of all welcome
huh....? Jeddah = New York
I can't agree with you at all

Riyadh is the Political Capital and is also a capital of princes , we know that these projects are handled by the government, so definitely it will be places at there city.
But Jeddah is the Economic Capital for our country. All economic and investment projects placed on it are handled by traders.
In future, I think projects are made in Riyadh will not produce what they look for and all back to invest on the real economic city "Jeddah".


Riyadh = Washington of Saudi Arabia
Jeddah = New York of Saudi Arabia

What you said is just funny! :nuts:

^^ first of all welcome
huh....? Jeddah = New York
I can't agree with you at all

New York of saudi arabia

our new york

ana.enta ...calm down man !!

it is non-sense and kinda stupid to compare our cities with the US ones

it is non-sense and kinda stupid to compare our cities with the US ones



its not to compare

majed abduallah is our Maradona

is that means i compare between them

NO

ok, Jeddah is ana.enta's NY :D

ok, Jeddah is ana.enta's NY :D

cool:banana:

but not ours though :D

but not ours though :D



talk about ur self

its ours NY:banana:

Guys, I didn't mean to open a debate...:D it was just a question

I agree with those who alluded to the breakdown as:
Jeddah- Commercial and Touristic Capital
Riyadh - Financial and Political Capital
Dammam/Jubail - Industrial Capital

But over the past couple of years, we've been witnessing a lot of diversification across Saudi, which in the long-run will be more beneficial to the whole country.

gohorns:
Agreed.
One Correction though: Rabigh is actually close to Jeddah and not in the Eastern Prov.

I know Rabigh is close to Jeddah (see my other posts). I just meant the industrial cities...didn't say they were only the Eastern province. The oil part and the industrial part are separate :)

Funny what happened here this weekend. Anyway, ana.enta meant to differentiate between the two cities by showing different functionality, and that's acceptible. I think he made a wrong choice by selecting NY and Washington to explain his idea.

what wrong with you guys it's just a logical Comparison and good as well,btw you can also compare it to Dubai & Abu dhabi.

at last welcome ana.enta to SSC strong start hehe.

^^ AGREE
ana.enta Welcome to SSC.

I thought it was an apt comparison...although I would not use NYC and DC....just because most people who are not from the Mid-Atlantic (i.e. NY, NJ, MD, VA) don't know the dynamics of NYC and DC..

Nothing really exciting but just to give an idea how longer this might take...



عقب ذلك ناقش الاجتماع سير العمل في مركز الملك عبدالله المالي، حيث قامت المؤسسة العامة للتقاعد بعد اعتماد الهيئة المخطط الرئيس لهذا المركز، بالبدء في أعمال تنفيذ المشروع، إذ تم تسوير الموقع وتزويده باحتياجاته من المياه، والكهرباء، كما تم طرح التصاميم التنفيذية للمخطط العام، وتم تأهيل 16 مكتباً عالمياً ومحلياً متخصصة في التصاميم اللازمة للبنية التحتية، ومن المتوقع تقديم عروضها في نهاية هذا الشهر ليتم على ضوئها ترسية مشروع إعداد التصاميم التفصيلية للبنية التحتية للمنافسة العامة.
كما تعاقدت أيضا المؤسسة مع أحد المكاتب المتخصصة لإعداد التصاميم الأولية لعشرة مبان في المركز، وقد تم تقديم الأفكار الأولية اللازمة لتقديم العطاءات من المقاولين على نظام التصميم والبناء وقد تم دعوة عدد من المقاولين لتقديم عروضهم.
وتمت دعوة 22 شركة فنادق عالمية لتقديم عروضها لإدارة الفنادق وقاعات المناسبات التي سيحتضنها مركز الملك عبد الله المالي.
كذلك تم التعاقد من قبل المؤسسة مع إحدى الشركات العالمية المخصصة لإعداد خطة تسويق ونظام التسعير. ويجري أيضاً التنسيق مع عدد من الشركات العالمية المتخصصة في نظام النقل بواسطة القطارات الخفيفة لدراسة شبكة القطارات الخفيفة داخل المركز، والتنسيق كذلك مع الشركات المتخصصة في مجال التمديدات التقنية.


http://www.aleqt.com/news.php?do=show&id=118724



They are still working on the designs..

the design phase takes almost 60% of the execution time of a successful project
what we all have seen is just a preliminary design that doesn't even count for 10 %. so its natural. same thing goes for many other projects that we all waiting for in frustration

نشرة "ميد": بدء الأعمال في مركز الملك عبدالله المالي قد يتأخر 6 اشهر بسبب تعديلات في المخطط الرئيسي للمركز

قالت نشرة "ميد" الاسبوعية أن طرح مناقصة الأعمال الانشائية في مركز الملك عبدالله المالي في مدينة الرياض ربما يتأخر لستة أشهر أخرى بسبب تعديلات على المخطط الرئيسي للمركز.

وقالت النشرة أن طرح مناقصة 10 مبان في المركز والتي كان من المنتظر أن يتم خلال شهر أبريل الحالي تم سحبها حتى يتم النظر في التعديلات واعتماد المخطط النهائي.

ونقلت "ميد" عن مصدر له علاقة بالمشروع قوله أن التعديلات على المخطط الرئيسي تشمل إعادة تقييم لنظام الطرق التي تخدم المركز فضلا عن إعادة جدولة بناء بعض أجزاء المشروع.

وكان المخطط الرئيسي للمركز تم اقراره في شهر مارس من العام الماضي من قبل اللجنة التنفيذية للمركز ويتكون المخطط من ثلاثة اجزاء رئيسية، وتقوم كل من "هينينغ لارسون" الدنماركية و"عمرانية" السعودية بتصميم المخطط الرئيسي فيما تم اسناد ادارة المشروع لشركة "هيل انترناشيونال" الأمريكية.

ولم تبدأ الأعمال الانشائية في المشروع الذي تبلغ تكلفته النهائية نحو 30 مليار ريال والذي ينتظر أن يصبح أكبر مركز مالي في المنطقة عند انجازه. ويقع المركز في شمال مدينة الرياض على أرض مساحتها 1.6 مليون متر مربع.

ومن المنتظر أن يضم "مركز الملك عبدالله المالي" المقر الرئيسي "لهيئة السوق المالية"، ومقر السوق المالية السعودية "تداول"، ومقار العديد من المؤسسات المالية الأخرى وما يرتبط بها من شركات خدمات: كمكاتب المحاسبة، والمراجعة القانونية، والمحاماة، ومؤسسات التقييم، والمؤسسات الاستشارية والمالية، وشركات تقنية المعلومات.

يشار إلى أن الأعمال في المشروع ستكتمل بحلول عام 2013 حسب المخطط الذي تم اقراره سابقا

ياليل ماطولك

not again,6 months late is too much :ohno:

hope not to be more ...

So what happened with this project

i seen it last saturday nothing happened yet!

Saudi Arabia will NOT attract foreign investments; and I mean by "foreign" international not GCC or Arab investments, until it opens up to the world.. Without liberty you CANNOT have direct international investments.
How can you expect an international investment when women are even banned from driving??

Saudi Arabia DID attract "FOREIGN" investment (GOOGLE IT) for its the biggest economy in the middle east and no economist can deny that... the Saudis are building new new new economic cities... and not only towers here and there like its neighbor are doing...

beside that foreign investors only seeking the profits don't care where or when in saudi arabia or mars or even the hell! gaining billions of $$$ bucks is the only thing they wants!

Saudi Arabia will NOT attract foreign investments; and I mean by "foreign" international not GCC or Arab investments, until it opens up to the world.. Without liberty you CANNOT have direct international investments.
How can you expect an international investment when women are even banned from driving??
:nuts:
btw any updates? anything new? i'm sick of waiting

i've just sent an email to http://www.henninglarsen.com/ asking them about the project (KAFD architects from there)

13/09/2008
هيئة السوق المالية توقع عقد تصميم مبناها الجديد في مركز الملك عبدالله المالي

الرياض: الوطن

وقع رئيس هيئة السوق المالية الدكتورعبدالرحمن التويجري الأربعاء الماضي عقد تصميم وإشراف على تنفيذ مقر هيئة السوق المالية في مركز الملك عبدالله المالي مع الشركة العالمية إتش أو كي الأمريكية والشريك المحلي الشركة السعودية دار الدراسات العمرانية.
وحضر التوقيع محافظ المؤسسة العامة للتقاعد محمد الخراشي ونائب الرئيس الأول للشركة روجر سوتو والشريك التنفيذي لدار الدراسات العمرانية المهندس باسم الشهابي.
وقال التويجري إن التوقيع ثمرة للتعاون والجهود المشتركة بين هيئة السوق المالية والمؤسسة العامة للتقاعد.
وأفاد مدير إدارة المشاريع بهيئة السوق المالية الدكتور سعيد ربيعة أنه لتصميم مبنى الهيئة تمت دراسة عروض أكثر من 25 شركة محلية وعالمية متخصصة في هذا المجال ووقع الاختيار على أفضل أربع شركات منها، ثم أجريت لها مسابقة فازت بها شركة إتش أو كي التي تتخذ من مدينة هيوستن مقراً لها مبينا أن هذه الشركة لها خبرة سابقة في المملكة من خلال عدة مشاريع آخرها تصميم جامعة الملك عبدالله.
ويتكون المبنى الذي يضم المركز الرئيسي لهيئة السوق المالية من 85 طابقا بارتفاع 385 متراً، وتُقدر عدد أمتار البناء بـ 185 ألف متر مربع على أرض مساحتها 11 ألف متر مربع.
وذكر ربيعة أن المبنى الذي ستبدأ أعمال التشييد فيه عام 2009 هو الأول من نوعه في الشرق الأوسط الذي سيكون تصميمه صديقاً للبيئة ومطابقاً لمواصفات "ليد" وهو نظام الريادة في تصاميم الطاقة والبيئة على مستوى الولايات المتحدة الأمريكية.
يذكر أن مركز الملك عبدالله المالي الذي تبلغ مساحته 1.6 مليون متر مربع سيتم تصميمه وفق أحدث المعايير العالمية، ليكون مركزاً ذا اكتفاء ذاتي، ومؤهلاً لتسهيل ممارسة أعمال المال والاستثمار في المملكة ومقراً لكبرى شركات المال والاستثمار المحلية والعالمية.

Translated by google,

The financial market expectation of the design of its building in the new King Abdullah Financial Center

Head of the financial market Acanutorabdarahman Tuwaijri last Wednesday held design and oversee the implementation of the headquarters of the Financial Market Center, King Abdullah fiscal year with the company's World Watch or so American and local partner company Saudi Dar architectural studies.
The signing was attended by Governor General Organization for retirement Mohammed Kherashi and Senior Vice President of the company and partner Roger Soto Executive Engineer Urban Studies House on behalf of al-Shihabi.
Tuwaijri said that the signing of the fruit of cooperation and joint efforts between the financial market and the Public Institution for retirement.
According to Director of Project Management, Capital Market Authority Dr. Said Rebiya to design a building that has been studying the offers of more than 25 local and global company specializing in this area and was selected the best four companies, and then she received the contest won by the company or to Watch, based in the city of Houston Headquartered indicating that the company has previous experience in the Kingdom through the latest of several projects designed University of King Abdullah.
The building, which includes the main centre of the financial market of the 85-story building at 385 meters, with an estimated number of construction meters b 185 thousand square meters of land area 11 thousand square meters. Rabia said that the building will begin construction work which in 2009 was the first of its kind in the Middle East, which will design a friend of the environment and conforming to specifications "Walid", a system of leadership in energy and environmental design at the level of the United States of America.
It is noteworthy that King Abdullah Financial Center, which covers an area of 1.6 million square meters will be designed according to the latest global standards, to be the center of a self-sufficient and qualified to facilitate the exercise of capital and investment in the Kingdom and headquarters of major companies and investment of local and global levels.

85 story building........?.......thats gr8.

finally something!

تقرير صحفي: إبرام عقود بقيمة تفوق 10 بليون دولار في الأسابيع المقبلة لبناء مركز الملك عبد الله المالي بالرياض

أرقام 17/09/2008

أوردت نشرة "ميد" أن عقودا إنشائية تفوق قيمتها أكثر من 10 بليون دولار سيتم التوقيع عليها في غضون الأسابيع المقبلة المخصصة لبناء مركز الملك عبد الله المالي في العاصمة السعودية الرياض.

ووفقا لنشرة "ميد"، من المتوقع إرساء العقود لبناء 10 أبراج في نهاية شهر سبتمبر الجاري في الحي المالي الجديد مع توقعات أن تأتي في قائمة الفائزين بالعقود كل من "مجموعة بن لادن السعودية" وشركة "السيف للهندسة والمقاولات" و"البناءون السعوديون" علما أن تأخير إرساء العقود جاء لتغييرات في المخطط الرئيسي للمشروع.

وكانت شركة "سعودي أوجيه" قد فازت في وقت سابق بعقد للتصميم والإنشاءات بقيمة 1.4 بليون ريال (373 مليون دولار)، من صاحب المشروع وهو المؤسسة العامة للتقاعد السعودية، لبناء برجين وفندق ومكاتب تجارية والذي من المتوقع التوقيع عليه في الأسابيع المقبلة مع العلم ان شركتي "جويتش بارتنرز" (Goettsch Partners) و"كلنق أستوبنز" (KlingStubbins) الأمريكيتين تعملان على تصميم الأبراج لمصلحة الشركة السعودية.

يذكر أن مشروع مركز الملك عبد الله المالي قد تأخر بمقدار ستة أشهر بسبب التعديلات التي حصلت على المخطط الرئيسي للمشروع ومن المرجح أن يكون أكبر مركز مالي وتجاري في منطقة الشرق الأوسط بعد اكتماله.

ويقول أحد المقاولين القريبين من المشروع إن عملية الإنشاءات ستبدأ بعد انتهاء شهر رمضان حال اكتمال تصميمات المباني.

يذكر أن المشروع يقع في شمال مدينة الرياض على مساحة 1.6 مليون متر مربع وسيكون مقرا لسوق الأسهم السعودي (تداول) وهيئة سوق المال السعودية التي تتولى تنظيم سوق الأسهم في البلاد وأكاديمية للشؤون المالية تستوعب 5 ألف طالب.

وحسب الخطة، من المتوقع استكمال البناء في نهاية عام 2013 ومن المنتظر أن يدخل الحي المالي الجديد السعودي في منافسة للحصول على حصة من السوق المالي الإقليمي جنبا إلى جنب مع المراكز المالية الإقليمية المنتشرة في المنطقة مثل دبي والدوحة والمنامة.

Press report: contracts worth more than $ 10 billion in the coming weeks to build the King Abdullah Financial Riyadh

Figures 17/09/2008

Bulletin reported "Meed" that the construction contracts valued at over more than 10 billion dollars would be signed within the coming weeks for building a financial King Abdullah in the Saudi capital Riyadh.

According to the bulletin "meed", it is expected that the award of contracts to build 10 towers at the end of September in the new financial district are expected to come in the list of winners of contracts, "Saudi Bin Laden Group" and a "ALSEEFof Engineering & Construction" and "builders Saudis" note That delaying the award of contracts came to the changes in the masterplan for the project.

The company, "Saudi Oger" had earlier won a contract to design and construction value of 1.4 billion riyals (373 million dollars) from the project, which is the institution of the retirement of Saudi Arabia, to build towers and a hotel, commercial offices, which is expected to be signed in the coming weeks, knowing that the two "Joich Partners" (Goettsch Partners) and "Knak Ostubens" (KlingStubbins) Americas are working on the design of the towers in the interest of the Saudi company.

The draft status of King Abdullah Financial had been delayed by six months because of adjustments that took place on the masterplan for the project is likely to be the largest commercial and financial center in the Middle East after its completion.

According to a contractor close to the project said that the construction will begin after the end of the fasting month of Ramadan upon the completion of building designs.

The project is located in the northern city of Riyadh on an area of 1.6 million square meters and will be based in the Saudi stock market (trading) and the Saudi Capital Market Authority which is responsible for the stock market in the country and the Academy of Finance accommodate 5 thousand students.

According to the plan, expected completion at the end of 2013 is expected to enter the new financial district in the Saudi competition for a share of the regional financial market, together with the regional financial centers exist in the region such as Dubai, Doha and Manama

welll.. i cud see some trucks been workin on da site.. cud b excavation goin on... nd also one crane hs been erected der...

so make us see it to by posting pics

well i guess i cud hv done it fr u ppll.. but cant... hey BG come to my rescue.. hv its pics...

Capital Market Authority plans Riyadh tower

A tall tower is set to be built in Riyadh's King Abdullah Financial District.

The structure will be called the CMA (Capital Market Authority) Tower and will be 380 metres high. It is set to be taller than the capital's current tallest tower, Kingdom Holding's Kingdom Tower which is 302 metres.

The local Omrania & Associates is to design the project in a joint venture with the US architects OK.

A contract was signed with the companies at the end of September and work on the design is expected to begin next month.

The client is the Capital Market Authority, the regulator of the country's stock market.

I LOVE THIS PROJECT.
Great addition for this wonderful city.
Keep it up!!

http://www.kingabdullahfinancialdistrict.com/images/big_images/district_at_night_big.jpg


http://www.kingabdullahfinancialdistrict.com/images/big_images/wadi-wide-night-HD_big.jpg

http://www.kingabdullahfinancialdistrict.com/images/big_images/Wadi-Covered-hd_big.jpg

http://www.kingabdullahfinancialdistrict.com/images/big_images/PDVD_013_big.jpg

http://www.kingabdullahfinancialdistrict.com/images/big_images/PDVD_008_big.jpg

http://www.kingabdullahfinancialdistrict.com/images/big_images/office-hd_big.jpg

http://www.kingabdullahfinancialdistrict.com/images/big_images/LRT-HD_big.jpg

http://www.kingabdullahfinancialdistrict.com/images/big_images/financial-plazza-hd_big.jpg

http://www.kingabdullahfinancialdistrict.com/images/big_images/aquarium-hd_big.jpg

those are the old renders

unless they remove the board from the site, we can keep our fingers crossed for this project. :)

Riyadh invites firms to bid for King Abdullah Financial District contract

Saudi Arabia's Public Pensions Agency (PPA) is inviting consultants to bid for the construction supervision contract at the King Abdullah Financial District in Riyadh.

At least three firms have been invited to bid for the consultancy contract.

Four contractors have been tipped for the award of 10 towers within the development and the PPA is looking for consultants to supervise the construction.

"It is up to [the PPA] how many consultants they bring on board. They could have one company for all the construction or three or four firms for the work," says a consultant considering making a bid for the work.

The US' Hill International is the project manager for the development.

Contracts for the 10 towers within the development are expected to be signed in the coming weeks, with the winners expected to include the local Saudi Binladin Group, El-Seif Engineering & Contracting, and Saudi Constructioneers.

The $7.8bn project is in the south of Riyadh. It will cover 1.6 million square metres and be home to the Saudi stock exchange (Tadawul), the Capital Market Authority, which regulates activity on the market, and a financial academy for 5,000 students.

طرح الحزمة الأولى لعقد مشروع برج هيئة السوق المالية السعودية في يناير المقبل والمنتظر أن يصبح اطول برج في مدينة الرياض
أرقام 22/10/2008

أوردت نشرة "ميد" أن الحزمة الأولى لعقد بناء برج هيئة السوق المالية السعودية سيتم طرحها في يناير من العام المقبل والتي تشمل أعمال الحفريات وإعداد وتمهيد الأرض المخصصة لبناء البرج، على أن يعقب ذلك طرح الحزمة الثانية من المشروع والتي تشمل إنشاء الأساسات وقيام دعامات البناء.

ووفقا للنشرة، سيتم إنشاء البرج ضمن مشروع مركز الملك عبد الله المالي بارتفاع يصل إلى 380 مترا ليصبح بذلك أطول برج في العاصمة السعودية الرياض.

وقالت "ميد" أن المشروع يتم تصميمه من قبل شركة المقاولات المحلية "العمرانية" بالمشاركة مع شركة هوك (HOK) الأمريكية.


A package for the convening of the first Tower Saudi Arabian Capital Market Authority in January and expected to become the tallest tower in the city of Riyadh
Figures 22/10/2008

Bulletin reported "Mid" to the package contract for building the first tower of the Saudi financial market will be put up in January next year, which includes the excavation and preparation and preparing the ground for building the tower, followed by a second package of the project, which includes the establishment of foundations and pillars of the building.

According to the bulletin, the tower will be established within the project of the Center for Financial King Abdullah at up to 380 meters, becoming the tallest tower in the Saudi capital Riyadh.

The "Mid" that the project designed by local contractor "physical" in partnership with the company Hawk (HOK) of America.

The renders look mindblowing but as somebody said they are old, and if things dont move fast, and if oil revenues plummet, it'd be interesting to see if Saudis can go ahead with what looks like wonderful projects.

ثماني شركات تتنافس لعقد بناء المقر الإداري الرئيسي لشركة "موبايلي" بالرياض بقيمة تلامس 500 مليون ريال
أرقام 21/10/2008
قدمت ثمان شركات عروضها لإنشاء المقر الرئيسي لشركة اتحاد الاتصالات (موبايلي) في العاصمة السعودية الرياض بتكلفة تصل إلى 500 مليون ريال (133 مليون دولار) حسبما اوردت نشرة "ميد".

وتدخل ضمن الشركات المنافسة للحصول على العقد شركتا "سعودي أوجيه" و"مجموعة بن لادن السعودية" مع توقعات أن يتم إرساء عقود للشركتين لإنشاء إبراج ضمن مركز الملك عبد الله المالي في الرياض في غضون الاسابيع المقبلة.

ويعتقد أن شركة "سعودي أوجيه" قد حصلت على عقد تصميم وبناء برجين في المركز لصالح المؤسسة العامة للمعاشات بقيمة تصل 1.4 بليون ريال سعودي، حسب النشرة مييد

Eight companies competing for the contract for the construction of the main administrative headquarters of the company, "Mobily" Riyadh worth 500 million riyals contact
Figures 21/10/2008
Eight companies submitted offers for the establishment of the headquarters of the Telecommunication Union company (Mobily) in the Saudi capital Riyadh at a cost of 500 million riyals (133 million dollars) news bulletin as "meed".

And within the competitors for the contract companies, "Saudi Oger" and "Saudi Bin Laden Group" are expected to be awarding contracts to two companies to establish a Center towers in the King Abdullah Financial District". within the next few weeks.

It is believed that, "Saudi Oger" has obtained the contract designing and building towers at the Center for the Public Establishment for pensions to the value of 1.4 billion Saudi riyals, according to the bulletin

The $7.8bn project is in the south of Riyadh. It will cover 1.6 million square metres and be home to the Saudi stock exchange (Tadawul), the Capital Market Authority, which regulates activity on the market, and a financial academy for 5,000 students.

This is actually in the north of Riyadh.

مع 4 شركات سعودية .. وتضم مسجدا وفندقا 5 نجوم وخدمات مساندة
"التقاعد" توقع عقود بناء 16 برجاً في المركز المالي بـ 5.5 مليار
علي آل جبريل من الرياض - - 28/10/1429هـ
وقعت المؤسسة العامة للتقاعد أمس أربعة عقود بقيمة 5.5 مليار ريال لتنفيذ أربع مجموعات مبان تضم مسجدا و16 برجا مكتبيا وسكنيا وتجاريا وفندقا فئة خمسة نجوم موزعة ضمن المناطق الخمس داخل الجزيرة الوسطية في مشروع مركز الملك عبد الله المالي الكائن على طريق الملك فهد شمالي مدينة الرياض. وفازت أربع شركات بتنفيذ العقود وهي: شركة سعودي أوجيه، السيف، التعمير، وبن لادن. وستنفذ هذه المباني بطريقة التصميم المتزامن مع التنفيذ خلال مدة تصل إلى 30 شهرا.
وأوضح محمد الخراشي محافظ المؤسسة العامة للتقاعد عقب توقيع العقود، أن هذه الاتفاقيات الأربع تعد المرحلة الأولى لمشروع مركز الملك عبد الله المالي.

في مايلي مزيداً من التفاصيل:

وقعت المؤسسة العامة للتقاعد أمس أربعة عقود بقيمة 5.5 مليار ريال لتنفيذ أربع مجموعات مبان تضم مسجدا و16 برجا مكتبيا وسكنيا وتجاريا وفندقا فئة خمس نجوم موزعة ضمن المناطق الخمس داخل الجزيرة الوسطية في مشروع مركز الملك عبد الله المالي الكائن على طريق الملك فهد شمالي مدينة الرياض.
وفازت أربع شركات بتنفيذ العقود وهي: شركة سعودي أوجيه، السيف، التعمير، وبن لادن. وستنفذ هذه المباني بطريقة التصميم المتزامن مع التنفيذ خلال مدة تصل إلى 30 شهرا.
من جهته، أوضح محمد الخراشي محافظ المؤسسة العامة للتقاعد عقب توقيع العقود، أن هذه الاتفاقيات الأربع تعد المرحلة الأولى لمشروع مركز الملك عبد الله المالي، مشيرا إلى أن المرحلة الثانية ستبدأ في 2009 بطرح العديد من المنافسات.
وقال: "إن مشروع الملك عبد الله المالي سيضم عند الانتهاء منه 60 مبنى"، متوقعا أن يبدأ العمل في جميع المباني خلال العام الميلادي المقبل.
وعن الخطط المستقبلية لمؤسسة التقاعد، أوضح الخراشي، أن المؤسسة حريصة على استغلال الفرص الاستثمارية الجيدة، ويهمها أن تدير أموال المتقاعدين في قنوات استثمارية مربحة وآمنة، مشيراً إلى أن المؤسسة تعمل حالياً على تنفيذ مشروع تقنية المعلومات، إضافة إلى مشروع سكني ومكتبي في جدة سينطلق قريبا، كما تعمل على تهيئة موقع جديد للمؤسسة في مدينة الخبر.
وحول زيادة دخل المتقاعد مع نجاح الفرص الاستثمارية للمؤسسة، أبان الخراشي، أن الذي يحكم دخل وصرف المعاشات نظريات ليست مرتبطة بدخل المؤسسة الذي تجنيه من الاستثمارات، وإنما بخدمة الموظف ومعاشه أثناء العمل. وقال: "إنه كلما تمكنت المؤسسة من استثمار هذه المبالغ وتنمية مواردها أتاحت المجال للمؤسسة أن تنظر في مزايا يستفيد منها المتقاعد".
وحول برنامج مساكن، بين الخراشي أنه يسير وفق خريطة مرسومة له وأن هناك عددا من الطلبات التي نفذت وأن مجلس إدارة شركة الاستثمارات الرائدة رصد مبلغ عشرة مليارات ريال للبرنامج.
وأكد محافظ المؤسسة، أن برنامج مساكن مرتبط بتوافر المساكن المناسبة للشراء، مشيرا إلى أنه مع ارتفاع مواد البناء فرضت بعض القيود على بعض المساكن المتاحة للشراء.
وعن خطط مستقبلية لتعديل شروط برنامج مساكن، أوضح الخراشي، أن جميع برامج المؤسسة تخضع دائما للمراجعة، مشيرا إلى أن مجلس إدارة المؤسسة حريص على مناقشة ومراجعة البرنامج بشكل دوري من جوانب عدة كإضافة مزايا أو تعديل مسار.
ولفت الخراشي إلى أن المؤسسة تدرس حاليا الآثار المترتبة على نظام الرهن العقاري الذي اعتمد ورفع للمقام السامي، مؤكدا أنه ستتم إضافة مزايا في التمويل العقاري لقاء اعتماده نظام الرهن.
وعن استفادة الحجاج من مشروع منى التابع للمؤسسة، أكد الخراشي أن المباني جاهزة للتأجير، متوقعا تأجيرها هذا العام، ودخلها سيصب في مصلحة المتقاعدين.
وأوضح الخراشي أن القيمة المتوقعة لبناء مشروع مركز الملك عبد الله المالي يصل إلى 28 مليار ريال كما أعلن سابقا، لافتا إلى أن الارتفاعات وتقلبات السوق حاليا تلعب دورا في تغير المبلغ.
وأبان الخراشي، أنه سيراعى في المشاريع الموقعة تحقيق المستوى النوعي عالي الجودة والطراز المعماري الفريد والمميز، إضافة إلى تزويدها بكل ما تحاج إليه من أنظمة حديثة ومتطورة تتناسب مع احتياجات المؤسسات والشركات المالية المتوقع أن تستفيد من هذا المشروع وسيطبق فيها الاعتبارات العالمية الخاصة بالمحافظة على البيئة وتوفير استهلاك الطاقة، وهي:
المجموعة الأولى
وتقع ضمن المنطقة رقم 1 وتبلغ قيمة عقد تنفيذها 1406 ملايين ريال، وقد أبرم مع المقاول شركة سعودي أوجيه المحدودة، وتتكون هذه المجموعة من مبنيين أحدهما فندق فئة خمس نجوم بارتفاع 14 دورا سيقام على القطعة رقم 108، والمبنى الثاني مكاتب بارتفاع 27 دورا سيقام على القطعة رقم 112.
المجموعة الثانية
وتقع ضمن المنطقتين 2 و4 وتبلغ قيمة عقد تنفيذها 1539 مليون ريال، وقد أبرم مع المقاول مجموعة بن لادن السعودية، وتتكون هذه المجموعة من مسجد وستة مبان مكتبية وسكنية وتجارية بارتفاعات متفاوتة أقصاها 21 دورا وستقام على القطع ذات الأرقام 407، 408، 214، و209.

المجموعة الثالثة:
وتقع ضمن المنطقة رقم 3 وتبلغ قيمة عقد تنفيذها 1320 مليون ريال وقد أبرم مع المقاول السيف مهندسون مقاولون المحدودة، وتضم هذه المجموعة أربعة مبان مكتبية وسكنية وتجارية بارتفاعات أقصاها 29 دورا ستقام على القطعتين 304، 305.

المجموعة الرابعة
وتقع ضمن المنطقة رقم 5 وتبلغ قيمة عقد تنفيذها 1150 مليون ريال، وأبرم مع المقاول المؤسسة السعودية للتعمير، وتضم هذه المجموعة أربعة مبان مكتبية وسكنية وتجارية بارتفاعات أقصاها 29 دورا، وستقام على القطعتين 507، 508.

in summary: 5.5 bn to build 16 towers ranges from 14 to 29 floors; however, that not everything! b/c the total number of buildings is 60! yes 60 not 16
construction will start at the beginning of 2009 (hopefully no more delays)
http://aleqt.com/news.php?do=show&id=148319

way better coverage here: (Arabic)
http://www.alriyadh.com/2008/10/28/article383858.html

Kharashi: Center will include 60 buildings and completed by 2012
contracts (5.5 billion) Rial for the construction of 16 towers at "King Abdullah Financial District".

His Excellency the Governor General Organization for the retirement of Chairman of the Investment Company pioneer Professor Mohammed bin Abdullah Al Kharashi Thursday, four contracts of the implementation of four groups of buildings, mosques and sixteen office buildings and residential, commercial and five-star hotel and arrived at about 5400 million riyals.
The group won contracts signed BIN LADEN ALSEF and a Saudi company Foundation for Reconstruction and Saudi Oger .
In his speech before the signing of retirement governor said that work was under way to complete the design of the remaining buildings that reach about 60 buildings in the project and signed projects of the buildings rises ranging from five to 29 roles played in 2945 and provides parking in addition to support services will be simultaneous with a design implementation.
The Kharashi thanks to the Custodian of the Two Holy Mosques, its attachment to the project and directed the project that inspired him. He also thanked the Crown Prince and His Highness the Emir of Riyadh region for their support and encouragement for the project and the Minister of Finance and Board of Directors of retirement, employees of the leading investment company, Hill International to manage the financial status of King Abdullah.
The term of 30 months the implementation of contracts and contracts signed are:
Group I:
The No. 1 within the region and implementation contract worth 1406 million riyals, was concluded with the contractor's Saudi Oger Ltd., the group consists of two buildings, one five-star hotel at 14 will be played on the plot
108. The second office building at 27 will be played on the plot
112. Group B:
And within regions 2, 4, worth 1539 million contract implementation Ral was concluded with the contractor Saudi Bin Laden Group, composed of the mosque and six office buildings and residential and commercial altitudes of up to 21 degrees role will be to cut numbers
209.214.408.407. Group C
The No. 3 within the region and implementation contract worth 1320 million riyals have been concluded with the ALSEF contractor engineers, contractors Ltd. This group includes four office buildings and residential and commercial role altitudes of up to 29 will be held on easily
305.304. Group D
The number five within the region and implementation contract worth 1150 million riyals, and signed with the contractor institution Saudi Arabia for reconstruction, the group includes four office buildings and residential and commercial role altitudes up to 29 will be held on easily explained 508.507 HE Mr. Mohammed Bin Abdullah Al Kharashi is expected to begin implementation on the ground project Before the end of this year, God willing, as

The establishment of the retirement of the owner and developers of the King Abdullah Financial Center representative is the leading investment company in the implementation of the project in accordance with the schedules and plans set a time and prepared to support one of the leading global company specializing in project management firm Hill International.
For his part, said bin Abdulaziz Al Saud Almlq project manager in the company's leading investment company that had earlier invited contractors to rehabilitate and in accordance with the design system with the simultaneous implementation was announced in local newspapers and made 23 companies were selected 7 of which were qualified as four companies have been negotiating with the To begin the implementation stage.
It also said that the company is now working to complete the requirements for the implementation of infrastructure has been agreed with the two world wars for this purpose
The establishment of the retirement represented at the leading investment company has a plan for the implementation of all phases of the project which is expected God to be completed before the end of the year 2012 where the company during the period since the preferred Custodian of the Two Holy Mosques King Abdullah bin Abdul Aziz laid down the foundation stone on 17 June / 2007 and so far the conclusion of several agreements for cooling and security studies and train and equip the site and prepare for the start-up phase of the project implementation on the ground.
Speaking to reporters on the retirement governor said that the draft of King Abdullah Financial Center home to about 60 buildings will be built all by the middle of 2009.
He added that the retirement benefit from strong economic growth in the Kingdom and support the state and this is in the interest of pensioners and the General Organization for retirement trustee to manage the funds and retirees interested in the managed funds in the investment channels, secure and profitable investment projects have a distinct addition to the complex IT project is a residential office in Jeddah Will start soon and we are working on the creation of a new institution in the city of Khobar on the sea and the institution is keen to exploit investment opportunities available and the current real good.
On the housing program said he is proceeding in accordance with the plan, which has developed a number of requests that have been implemented as old year and three months and now with high prices

Building materials and placed restrictions on some housing available for purchase and is a program requests daily, like other programs will be subject to review and discussion, as is well known that the Mortgage Program adopted a lifting of His Majesty and assured that there are extra benefits will be added for real estate finance institution and examine the implications and an improvement in its clauses. With respect to He said the estimated value of all studies of the project were in the value of a financial center, King Abdullah is 28 billion riyals but the market conditions play a big role has been a major program to control all walks of the project.
In response to a question about the commitment of the institution not affected by investment funds of retirees during the current financial crisis, the governor said that retirement can talk to the management of money is being a professional manner and in accordance with the basis of clear criteria and are not hasty management decisions, but there to establish the foundation investment committee and the Governing Council monitor this investment and business And adopt all actions concerning retirees and managed investment professional manner.
During the financial returns of the draft King Abdullah Financial Center by public up to about 30% of the total cost.
The draft King Abdullah Financial Center is a distinctive addition to the economic and physical Kingdom. The Custodian of the Two Holy Mosques, said on Tuesday the establishment of e 1427/4/11 King Abdullah Financial Center, which will be held on the territory of the General Organization for retirement, and along the King Fahd in Riyadh, which will be the first of its kind in the Middle East in terms of size, organization and technical specifications and processing Comparable to similar global financial centers. The center will be located on the square (1.6) million square meters will be done in several stages annually and is expected to accompany that the project would provide many job opportunities in finance, construction during the next three years which will take those actions.
The design center will be King Abdullah, according to the latest financial standards to be the center of a spectacular self-sufficiency and to facilitate business and investment in financial
Saudi Arabia, has expressed several local banks and major international companies and investment institutions and professional service working in the financial area on the Saudi desire to move to the center to contribute effectively to diversify the activities of one of the largest economies of the world dependent on oil.
The center will house King Abdullah Financial headquarters of the financial market and the headquarters of the financial market (trading) financial and academic center in the heart and the headquarters of several banks and companies and other financial institutions and their associated services firms accounting and auditing offices, the legal profession and legal assessment organizations and consulting firms and financial services, and other facilities Such as hotels and multi-neighborhood and conference rooms, exhibitions and places of entertainment and sports activities and means of modern transportation and communication

Last Updated: 03 November 2008 17:15
Saudi Oger is to begin construction of four towers in Riyadh's King Abdullah Financial District in January 2009.
Excavation of the site is expected to take approximately two months, after which concrete will begin pouring. Mobilisation on the site began in the last week of October.

According to the contractor, the concept design, which was carried out by US firms Goettsch Partners and Kling Stubbins, is also due to be completed in a few weeks.

King Abdullah Financial District is a 1.6 square-kilometre site and is being developed by the Public Pensions Agency (PPA).

Denmark's Henning Larson Architects is responsible for the masterplan, in collaboration with the local Omrania. The US' Hill International is the project manager for the scheme (MEED 15:9:08).

Author: Christopher Sell.



http://www.meed.com/news/2008/11/construction_of_riyadh_financial_district_towers_to_begin_in_january.html

There is actually some activity going on the site, i saw at least one crane, and dozens of trucks.

^^I saw them too :)

There is actually some activity going on the site, i saw at least one crane, and dozens of trucks.

^^^^^^ i hd told dis long back...

^^You what?! I can't understand a word!!

i had said stuff what VETTEC had said before itself... like i hd seen crane on the ground and trucks moving here and there during eid vacation...

Nice building, Saudis has ambitious heart, maybe it will come true very soon, but are there anybody can tell me what time it will begin, and which company is the main contractor?

Firmly establish the infrastructure contracts within the King Abdullah Financial District within weeks
Figures 09/11/2008
Bulletin reported "Meed" the decisive decades of infrastructure Center for King Abdullah Financial District in Riyadh will be established in the coming weeks, including a contract for establishment of engineering a single railway project, which aims to link the various regions in the project site.

It is expected to take to build a railway, which operates the company "Sistra" French adviser to him, 24 months and then followed a period of six months for testing, according to the bulletin.

The other contract includes the project site preparation, including electricity and water utilities along the ground at the site, which occupies an area of 1.6 square kilometers that the contract be put to tender within two months and take completed 12 months.

The other contract includes the construction of tunnels and bridges connecting the various parts of the site, according to the bulletin.

The Public Institution for the retirement of Saudi Arabia, the draft King Abdullah Financial District, was established contracts worth 5.3 billion Saudi riyals (1.4 billion dollars) to four local companies at the end of October last of the 16 building (tower) on 10 plots within the project.

It is expected that competition for the design of five towers in the weeks to come to the tune of 8 billion rials note that the tower which houses the Capital Market Authority (negotiable) Saudi Arabia will be the longest building in the Saudi capital at 380 meters.

مركز الملك عبدالله المالي يوقع عقد تصاميم الخدمات مع شركة تكسلت الكندية بقيمة 65 مليون ريال
جريدة الرياض 12/11/2008
وقع محمد بن عبدالله الخراشي محافظ المؤسسة العامة للتقاعد رئيس مجلس ادارة شركة الاستثمارات الرائدة يوم أمس الثلاثاء عقد تنفيذ التصاميم التفصيلية لنظم الخدمات الرئيسية لمركز الملك عبدالله المالي مع مدير شركة تكسلت الكندية وبحضور السفير الكندي بالمملكة.

وتبلغ قيمة العقد اكثر من 65مليون ريال سعودي ومدة العقد ستة عشر شهراً تقدم خلالها الشركة الخدمات الاستشارية وعمل تصاميم تفصيلية لنظم الخدمات الرئيسية والتي سوف يراعى فيها تحقيق المستوى النوعي عالي الجودة والطراز الفريد والمميز بالإضافة الى تزويد مركز الملك عبدالله المالي بكل ما يحتاجه من أنظمة حديثة ومتطورة تتناسب مع احتياجات المؤسسات والشركات المالية المتوقع أن تستفيد من هذا المشروع والذي سوف يطبق فيه الاعتبارات العالمية الخاصة بالمحافظة على البيئة وتوفير استهلاك الطاقة من خلال تصميم نظم الطاقة والكهرباء ونظم التبريد المركزي ونظم النقل التي تشمل القطارات الخفيفة ووسائل النقل الأخرى بالإضافة الى نظم المسارات الخاصة بالمشاة وتوزيع الطرق والمواقف ونظم إنارة الطرق واللوحات الإرشادية للطرق والمباني ونظم الأمن والسلامة ونظم التعامل مع الحريق والدفاع المدني ونظم معالجة مياه الصرف الصحي والسيول بالإضافة الى نظم مياه الشرب والري..

وأوضح محمد بن عبدالله الخراشي أن المؤسسة العامة للتقاعد الجهة المالكة والمطورة لمشروع مركز الملك عبدالله المالي ممثلة بشركة الاستثمارات الرائدة تسير في تنفيذ هذا المشروع وفقاً للجداول والخطط الزمنية الموضوعة له والتي أعدت بمساندة واحدة من كبريات الشركات العالمية المتخصصة في إدارة المشاريع شركة هل أنترناشيونال، كما أكد أن هذا المشروع يحظى بدعم ومساندة حكومة خادم الحرمين الشريفين الملك عبدالله بن عبدالعزيز وسمو ولي عهده الأمين الأمير سلطان بن عبدالعزيز وصاحب السمو الملكي الأمير سلمان بن عبدالعزيز أمير منطقة الرياض رئيس الهيئة العليا لتطوير منطقة الرياض ومتابعة دقيقة ومستمرة من معالي وزير المالية رئيس مجلس ادارة المؤسسة العامة للتقاعد الدكتور ابراهيم بن عبدالعزيز العساف.

ومن جانبه اوضح المهندس سعود بن عبدالعزيز الملق مدير عام المشاريع بشركة الاستثمارات الرائدة أن الشركة قامت بوضع خطة زمنية لتنفيذ جميع مراحل المشروع والتي من المتوقع بإذن الله أن تستكمل قبل نهاية العام 2012م كما أوضح المهندس سعود الملق أن شركة الاستثمارات الرائدة قامت خلال الفترة منذ تفضل خادم الحرمين الشريفين الملك عبدالله بن عبدالعزيز بوضع الحجر الأساس في 17ابريل 2007م وحتى الآن بإبرام العديد من الاتفاقيات الخاصة بدراسات التبريد والأمن والقطارات وتجهيز الموقع والاستعداد لمرحلة البدء في التنفيذ على أرض المشروع.

وفي تصريح صحفي قال محافظ التقاعد ان هذا التوقيع هو الثاني لأنظمة التشغيل وقبل أسبوع وقعت المؤسسة عقد إنشاء 16مبنى ومسجداً مع اربع شركات وتوقع أن يتم خلال الأسابيع القادمة توقيع عقود أخرى للمباني والأنظمة الأخرى.

وأكد أنه وحسب الخطة المعتمدة فإن جميع المراحل إن شاء الله ستستكمل قبل نهاية عام 2012م.

وأضاف ان جميع الشركات التي تم توقيع العقد معها بدأت في التنفيذ وأعمال الحفر تتم وستنتهي ان شاء الله في حدود 3اشهر وبعدها تبدأ الانشاءات في الموقع.

وحول التكلفة الإجمالية وتأثرها بغلاء الأسعار اشار الى أن المشروع سيشهد توقيع عدد من العقود وستتضح التكلفة الإجمالية بعد الانتهاء من توقيع جميع العقود بسبب ازدياد اسعار مواد البناء

King Abdullah Financial District sign a contract design service Canada Tkselt with a value of 65 million rials
Al-Riyadh 12/11/2008
The Mohammed bin Abdullah Al Kharashi Governor General Organization for the retirement of the chairman of the leading investment company on Tuesday held the implementation of detailed designs for the main service systems of the status of King Abdullah Financial District director of the Canadian Tkselt and in the presence of the Canadian ambassador in Saudi Arabia.

The contract is valued at more than 65 million riyals and the duration of the contract six-month period during which the company provides advisory services and the work of detailed designs for key services and systems that will take into account the qualitative level to achieve high-quality, unique and distinctive style in addition to the status of King Abdullah Financial District to provide all the financial needs of the modern and sophisticated systems Commensurate with the needs of financial institutions and companies expected to benefit from this project, which will apply the global considerations relating to the conservation of the environment and the provision of energy consumption through the design of energy systems, electricity and cooling systems and transportation systems that include light rail and other means of transport systems in addition to the tracks for pedestrians and distribution Ways and attitudes and lighting systems of roads and paintings indicative of roads, buildings and security systems and safety systems to deal with the fire and civil defense systems and sewage treatment and flood systems in addition to drinking water and irrigation ..

The Mohammed bin Abdullah Al Kharashi that the institution of the retirement of the owner and developers of the King Abdullah Financial District representative is the leading investment company in the implementation of the project in accordance with the schedules and plans set a time and prepared to support one of the largest international companies specialized in project management company, Hill International, also confirmed This project supported by the Government of the Custodian of the Two Holy Mosques King Abdullah bin Abdul Aziz, His Highness Crown Prince Secretary-Prince Sultan bin Abdul Aziz and His Royal Highness Prince Salman Bin Abdulaziz, Governor of Riyadh, the head of the Supreme development of the Riyadh region, and follow-up and continuous minutes His Excellency the Minister of Finance, the chairman of the Public Institution Retirement, Dr. Ibrahim Bin Abdel Aziz Al-Assaf.

For his part, said bin Abdulaziz Al Saud Almlq director general of the leading investment company projects that the company has a plan for the implementation of all phases of the project which is expected God to be completed before the end of the year in 2012 also pointed out that Al-Saud Almlq leading investment company in the period since the preferred server Two Holy Mosques King Abdullah bin Abdul Aziz laid the cornerstone in April 17, 2007 and so far the conclusion of several agreements for cooling and security studies and train and equip the site and prepare for the start-up phase of the project implementation on the ground.

In a press release said that this governor Retirement is the second signing of the operating system a week ago and signed a contract for the 16 institution building and a mosque with four companies expected to be in the coming weeks to sign contracts for other buildings and other regulations.

He said that according to the plan approved all the stages that God will be completed before the end of 2012.

He said all the companies that have been started with the signing of the contract in implementation and excavation work and will be, God willing, within 3 months after the start of construction at the site.

On the total cost and prices affected Bglae noted that the project will see the signing of a number of contracts and the total cost would be clearer after the completion of the signing of all contracts because of the increase in prices of building materials

great news
i googled Tkselt but i found nothing!

great news
i googled Tkselt but i found nothing!

http://www.alriyadh.com/2008/11/12/article387239.html

great news
i googled Tkselt but i found nothing!

^^^ :lol: :lol:

Did you think that Tkselt is the right name, I bet that was google translation.

Here is the right one:

www.tecsult.com/

Tec-Sult >> Technology Consultant.

Cheers,

www.tecsult.com

cuz it is in Canada

Aecom wins King Abdullah Financial District deal
Published: 26 November 2008 06:44 GMT Author: Christopher Sell
The US' Aecom Technology Corporation has been awarded a SR65m ($17.4m) contract at Saudi Arabia's King Abdullah Financial District.
The scope covers a review of the masterplan for the district and detailed infrastructure design of the 1.6-square-kilometre site in Riyadh.

It includes designs for roads and parking areas, fire-fighting, storm-water drainage and solid waste management systems, the supply and distribution of electricity and natural gas, as well as irrigation and pumping stations.

The client is the Public Pensions Agency.

The award was issued to Aecom's subsidiary Tecsult by the agency's development arm, Rayadah Investment Company.

The project duration is expected to be 16 months.

http://www.meed.com/saudiarabia/index.html

something's definitely cooking up there... there's a crane at the site! :)

I managed to get some pictures while driving ( I almost had an accident :lol: )


http://img525.imageshack.us/img525/774/kafd01st6.jpg

http://img301.imageshack.us/img301/4830/kafd02ke1.jpg

http://img525.imageshack.us/img525/3391/kafd03dp9.jpg

http://img301.imageshack.us/img301/464/kafd04jp7.jpg

http://img525.imageshack.us/img525/7797/kafd05sb4.jpg

http://img261.imageshack.us/img261/6148/kafd06nz3.jpg

^^ dome of the rock ( left ) !

Tower designs for Riyadh financial district to be selected in January

Riyadh is to award design contracts for a number of buildings at King Abdullah Financial District in January 2009.

According to a source at the client, the Public Pensions Agency, letters of intent have been sent out to a number of local and international architects and designers who prequalified for the design of a range of low, medium and high-rise towers.

"Our strategy going forward is we intend to award designs for the towers and buildings in mid-to-late January 2009," he says.

The letters of intent cover 45 parcels of land within the 1.6 square kilometre site, which is located in the south of Riyadh.

At least five towers will range between 150 to 300 metres in height, with a total value of more than SR8bn ($2.1bn).

Denmark's Henning Larsen Architects is responsible for the masterplan in collaboration with the local Omrania. The US' Hill International is project manager for the entire financial district (MEED 24:10:08).

guys i feel that I am lost.

As far we hear everywhere, Most of saudi projects are hold like prince waleed project, rawabi project, shameyya project, al faysaleyya II project .......... etc

But I see some updates like design contracts, bids and so on

Can someone explain what is going on?

^^^ who said so??

guys i feel that I am lost.

As far we hear everywhere, Most of saudi projects are hold like prince waleed project, rawabi project, shameyya project, al faysaleyya II project .......... etc

But I see some updates like design contracts, bids and so on

Can someone explain what is going on?

dude..all these projects u said are huge multi billion dollar projects and is not so easy to get approved,designed or to build..............i promise u that more than 80% of the saudi on hold projects will b started by 2009 and will b completed wiithin 2015

Design for Capital Markets Authority tower to be finalised this year

Design work on the Capital Markets Authority (CMA) tower in Riyadh is set for completion by the end of 2009.
Phase one, covering the conceptual design, has recently been completed and work is currently underway on the preliminary design.
The local Omrania & Associates is designing the project in a joint venture with US architect HOK.

Tenders for the first construction package, which covers excavation and ground preparation works, are expected in the coming weeks. A tender for the second phase, covering foundations and piling, will follow soon after.

Located in the King Abdullah financial district, the CMA tower will be 380 metres high and is set to be tallest building in the capital.

The financial district is being developed by the Public Pensions Agency.

Riyadh awards site supervision contracts for Financial District
The Public Pensions Agency (PPA) has awarded three site supervision contracts for building projects within King Abdullah Financial District (KAFD) in Riyadh.
Three local firms, Omrania & Associates, Dar al-Riyadh and Zuhair Fayez Partnership Consultants were awarded the work for four packages covering 10 plots within the KAFD site.

Omrania is carrying out site supervision for Saudi Oger's SR1.4bn design-and-build contract. Dar al-Riyadh is site supervisor for the SR1.3bn El-Seif Engineering & Contracting Company contract and the SE1.6bn Saudi Binladin Group. Zuhair Fayez Partnership Consultants is site supervisor for the SR1.1bn SaudiConstructioneers contract.

The projects cover the construction of 16 buildings.

Developed by the PPA the project originally had an estimated value of SR28bn ($7.5bn), but according to Waleed Aleisa, project manager at KAFD, this has since increased to SR36bn because of rises in construction and procurement costs

wow this project looks promising !

Riyadh to invite proposals for $2bn towers scheme

Published: 15 February 2009

Public Pensions Agency seeks designs for King Abdullah Financial District.

meed

مؤسسة التقاعد السعودية تتهيأ لدعوة الشركات بتقديم عروض التصميم للأبراج المزمع إنشاؤها ضمن مركز الملك عبد الله المالي بالرياض
أرقام 16/02/2009
تتهيأ المؤسسة العامة للتقاعد السعودية لدعوة الشركات لتقديم عروض التصميم لـ20 برجا ضمن الأبراج المزمع إنشاؤها في مركز الملك عبد الله المالي التي تصل تكلفة إنشائها إلى 7 بليون ريال (2 بليون دولار) حسبما أوردت نشرة "ميد".

وتنقسم الأبراج إلى خمس حزم (عقود) كل حزمة تتكون من أربعة مبان بحيث لا يتعدى ارتفاعها 80 مترا.

ويقول مدير المشروع في المركز إن شركات التصميم العالمية سيتم دعوتها للقيام بهذه المهمة على أن تستكمل أعمال التصميم في غضون ستة أشهر ليطرح بعدها مناقصات إنشاء المباني المقرر انطلاقتها في مستهل عام 2010.

من جانب آخر، تتهيأ المؤسسة العامة للتقاعد إرساء عقد للمخطط الرئيسي للمركز التجاري ضمن المشروع لشركة "هننج لارسن آركتكشر" (Henning Larsen) الدنماركية وذلك في نهاية شهر فبراير الجاري على أن تمتد فترة التصميم للمخطط لتسعة أشهر المقبلة مع طرح مناقصات الإنشاء في شهر أكتوبر المقبل.

ويحيط بالمركز المباني (الأبراج) العالية بما فيها البرج الذي يحتضن هيئة السوق المالية (تداول) السعودية بارتفاع يصل إلى 380 متر والذي سيطرح مناقصات بنائه في شهر يونيو المقبل بدلا عن شهر يناير المنصرم.

وكانت شركة "هوك" (HOK) البريطانية قد فازت بعقد تصميم برج "تداول" بقيمة 170 مليون ريال الذي سيعد أكبر برج في العاصمة السعودية الرياض عند استكماله.

يذكر أن المؤسسة العامة للتقاعد السعودية، صاحبة مشروع مركز الملك عبد الله المالي، كانت قد أرست عقودا بقيمة 5.3 بليون ريال سعودي (1.4 بليون دولار) لأربع شركات محلية في نهاية أكتوبر الماضي لإنشاء الأبراج المذكورة داخل المشروع الذي يحتل مساحة 1.6 كيلومتر.

Photos by mmyymm 27/02/09

http://up.arab-x.com/pic/Qqo60626.jpg (http://up.arab-x.com/)


http://up.arab-x.com/pic/PXe60626.jpg (http://up.arab-x.com/)

http://up.arab-x.com/pic/NER60626.jpg (http://up.arab-x.com/)

http://up.arab-x.com/pic/jZF60777.jpg (http://up.arab-x.com/)

http://up.arab-x.com/pic/NR060777.jpg (http://up.arab-x.com/)

http://up.arab-x.com/pic/2wJ60777.jpg (http://up.arab-x.com/)

http://up.arab-x.com/pic/2wJ60777.jpg (http://up.arab-x.com/)

http://up.arab-x.com/pic/0Ct60920.jpg (http://up.arab-x.com/)

http://up.arab-x.com/pic/PVr60920.jpg (http://up.arab-x.com/)

http://up.arab-x.com/pic/PVr60920.jpg (http://up.arab-x.com/)

http://up.arab-x.com/pic/LbS61032.jpg (http://up.arab-x.com/)

http://up.arab-x.com/pic/VYL61032.jpg (http://up.arab-x.com/)

cant view the pics

As other major projects in the region run in to difficulties, progress is being made on the King Abdullah Financial District in Riyadh, which will play a key role in diversifying the Saudi economy

:banana:

meed

Absolutely right

^^ For a project of this magnitude I would have expected a LOT more activities, cranes and people movements etc. :)

^^ For a project of this magnitude I would have expected a LOT more activities, cranes and people movements etc. :)


WAIT FOR ONE MONTH / AND YOU WILL SEE MORE THAN 20 CRANES ABEAR AT ONCE , I WILL TRY TO SHOW YOU HOW MANY CRANES IS SLEEPING THERE ON LAND OF THE AREA OF SAUDI BUILDING COMPANY NEXT WEEK:nuts:

http://www.aleqt.com/a/232504_34778.jpg

http://www.aleqt.com/a/232504_34779.jpg

http://www.aleqt.com/2009/05/25/article_232504.html

Good news .

Thanks :)

goooooooooood news!!!
one of the special projects on my list!!
waiting for this beauty to rise..
Q:when it's going to be finished??

me to it's my favorite project in riyadh,thank god finally they starting works on the site!

Saudi developer Al-Rayadah Investments has invited contractors to prequalify for an infrastructure contract at its SR36bn ($9.6bn) King Abdullah Financial District (KAFD) development on the outskirts of Riyadh.
The infrastructure works involve the construction of a major utilities tunnel running through the development and general infrastructure, such as roads and drainage.

Al-Rayadah is planning other infrastructure packages.

France's Systra is preparing designs for a monorail system.

The real estate developer has appointed US-based Stanley Consultants to design and prepare tenders for a district cooling system (MEED 5:6:09).

The financial district will have a series of landmark towers, the tallest of which will be marginally higher than Riyadh's 302-metre-high Kingdom Tower, which is currently the tallest building in the country.

Once complete, the landmark towers will house the Saudi Stock Exchange (Tadawul); the Capital Markets Authority, which regulates the bourse; and other local financial institutions such as investment bank Samba, Alinma Bank, Al-Rajhi Bank and the Public Investment Fund (PIF).

The Hong Kong office of Shankland Cox prepared the infrastructure masterplan, which was reviewed by US-based Aecom.

Denmark's Henning Larson Architects with the local Omrania prepared the concept masterplan while US-based Hill International is the project manager.

Al-Rayadah is the investment arm of the Public Pension Agency

Meed

Saudi developer Al-Rayadah Investments has invited contractors to prequalify for an infrastructure contract at its SR36bn ($9.6bn) King Abdullah Financial District (KAFD) development on the outskirts of Riyadh.
The infrastructure works involve the construction of a major utilities tunnel running through the development and general infrastructure, such as roads and drainage.

Al-Rayadah is planning other infrastructure packages.

France's Systra is preparing designs for a monorail system.

The real estate developer has appointed US-based Stanley Consultants to design and prepare tenders for a district cooling system (MEED 5:6:09).

The financial district will have a series of landmark towers, the tallest of which will be marginally higher than Riyadh's 302-metre-high Kingdom Tower, which is currently the tallest building in the country.

Once complete, the landmark towers will house the Saudi Stock Exchange (Tadawul); the Capital Markets Authority, which regulates the bourse; and other local financial institutions such as investment bank Samba, Alinma Bank, Al-Rajhi Bank and the Public Investment Fund (PIF).

The Hong Kong office of Shankland Cox prepared the infrastructure masterplan, which was reviewed by US-based Aecom.

Denmark's Henning Larson Architects with the local Omrania prepared the concept masterplan while US-based Hill International is the project manager.

Al-Rayadah is the investment arm of the Public Pension Agency

Meed

great news

The Last Update in google earth

مشاهدة الصور (http://up4.m5zn.com/9bjndthcm6y53q1w0kvpz47xgs82rf/2009/7/13/04/p6u3emith.jpg)

oh goodie still sand

Tens of cranes are at the site... work is going on these days throughout the night!

Tens of cranes are at the site... work is going on these days throughout the night!

I saw it last week , it looks amazing at night with all the cranes .
I'll tray to get a picture after Ramadan .

http://www.fxfowle.com/images/projects/1243969112.jpg

http://www.fxfowle.com/images/projects/1243968909.jpg

http://www.fxfowle.com/images/projects/1243969098.jpg

more : http://www.fxfowle.com/projects/international/king-abdullah-financial-development.php

26 SEP 2009
http://www.image-uploader.com/files/2pnc5o7h31sjjoxqupa0.jpg (http://www.image-uploader.com/)

http://www.image-uploader.com/files/11q8eeuw77cnavupk0c2.jpg (http://www.image-uploader.com/)

http://www.image-uploader.com/files/r07sv0cz2r4vg0xcumru.jpg (http://www.image-uploader.com/)

http://www.image-uploader.com/files/pi8ivatsqa1elf8053bq.jpg (http://www.image-uploader.com/)

http://www.gulfup.com/gfiles/12539762211.jpg (http://www.gulfup.com/)


http://www.gulfup.com/gfiles/12539762212.jpg (http://www.gulfup.com/)

looool R S you better then me keep going

a lot of cranes ..I like it
thanks for the update

now that's what I call a good news :cheers::cheers:

البرج يتكون من 79 طابقاً ويصل طوله إلى 400 متر
بدء تأهيل المقاولين لبناء برج هيئة سوق المال في مركز الملك عبدالله


تعمل هيئة السوق المالية في الوقت الراهن على عملية التأهيل المبدئي للمقاولين واستلام المعطاءات التي تستهدف بناء مقر الهيئة في مركز الملك عبدالله المالي .

ووفقاً لتقرير نشرته مجلة ميد الاقتصادية واطلعت "الرياض" على تفاصيله، فإن هيئة سوق رأس المال بدأت فعلياً في عملية التأهيل المبدئي للمقاولين لبناء برج يصل طوله إلى نحو 400 متر.

ولم تكشف هيئة سوق المال بحسب التقرير ، موعد الإعلان القائمة المختصرة لمقدمي العروض، في الوقت الذي سيقوم فيه المقاول الفائز ببناء هذا البرج من ثلاثة طوابق تحت الأرض، 79 طابقا فوق سطح الأرض، وتبلغ مجموع المساحة المبنية قرابة 185،000 متر مربع. وتتوقع هيئة سوق المال ، تحضير الموقع لبدء العمل بحلول نهاية هذا العام ، على أن تبدأ أعمال البناء في يناير 2010 ، بينما تتطلع هيئة السوق المالية إلى الانتقال إلى البرج الجديد في أوائل عام 2012.

ويعتبر برج هيئة سوق المال واحد من عدة أبراج شاهقة سيشهدها مركز الملك عبدالله المالي، حيث سيضم المركز السوق المالية (تداول) والمؤسسات المالية الأخرى ، مثل مجموعة سامبا المالية ، مصرف الإنماء ، بنك الراجحي ، وصندوق الاستثمارات العامة . ورأى تقرير "ميد"، أنه على الرغم من هبوط أسعار العقارات ، وتباطؤ النمو الاقتصادي للمطورين ، فإنه يتم المضي قدما في سلسلة من مخططات أخرى لبناء أبراج عالية الارتفاع في أماكن أخرى في الخليج ومنها السعودية.


http://www.alriyadh.com/2009/09/28/article462611.html

gooood news 5 months to start bulid the tower
I love Riyadh city

After 100 years, God willing !!

Saudi regulator to tender tall tower scheme

Capital Market Authority begins prequalifying contractors to build 400-metre-tall headquarters building


Saudi financial regulator the Capital Market Authority (CMA) is to tender the contract to build the kingdom’s tallest tower at King Abdullah Financial District on the outskirts of the capital, accor-ding to contractors hoping to bid for the work.

The CMA is currently prequalifying contractors to bid for the deal to build the 400-metre-tall tower, which will supercede the 309-metre-tall Kingdom Tower in central Riyadh as the country’s tallest building. The CMA has yet to say when it will announce the shortlist of bidders.

The winning contractor will build the tower with three basement floors, 79 storeys above ground, with a total built-up area of 185,000 square metres.

The CMA expects site preparation work to start by the end of this year, with construction beginning in January 2010.

The regulator wants to move into the tower in early 2012.

The CMA tower is one of several high-rise developments planned for the SR36bn ($9.6bn) financial district.

The Saudi Stock Exchange (Tadawul) and other Saudi financial institutions, such as Samba, Alinma Bank, Al-Rajhi Bank, and the Public Investment Fund, are all seeking high-rise office space in the financial district.

The investment arm of the Public Pension Agency, Al-Rayadah Investments, is the master developer on the scheme.

Although it will be the kingdom’s tallest tower when completed, the CMA tower will be considerably shorter than the 1-kilometre tower planned by Saudi investment company Kingdom Holding at Jeddah Kingdom City (MEED 11:9:09).

Kingdom has shortlisted three architects and three contractors for the project, which it hopes will replace the 818-metre Burj Dubai as the world’s tallest building.

The shortlisted architects, which are all from the US, are Skidmore Owings & Merrill; Adrian Smith & Gordon Gill Architecture; and Pickard Chilton, which will work in partnership with UK-based Hyder Consulting.

The three contracting groups are South Korea’s Samsung Corporation with Dubai-based Arabtec Construction; Australia’s Multiplex; and Saudi Binladin Group.

Despite falling property prices and the economic slowdown, developers are moving ahead with a series of other high-rise schemes elsewhere in the Gulf.

In Doha, Qatar National Bank has invited contractors to bid by 25 October to build its 510-metre headquarters building, which will be the tallest in Qatar.

In Dubai, Hong Kong-based developer Trident Holdings selected Lebanon’s Arabian Construction Company in early September for a AED1.5bn ($408m) deal to build the 618-metre Pentominium tower in Dubai Marina.

Other tower projects have been put on hold, including Meraas Development’s planned tower at Jumeira Garden City in Dubai, Dubai-based Al-Fattan Properties’ tower at Dubai Marina, Abu Dhabi-based Al-Jaber Group’s tower on the Doha Corniche, and Qatari Diar Real Estate Investment Company’s tower at the Doha Convention Centre development.

SOURCE (http://www.meed.com/sectors/construction/real-estate/-saudi-regulator-to-tender-tall-tower-scheme/3000934.article)

Saudi regulator to tender tall tower scheme

Capital Market Authority begins prequalifying contractors to build 400-metre-tall headquarters building


Saudi financial regulator the Capital Market Authority (CMA) is to tender the contract to build the kingdom’s tallest tower at King Abdullah Financial District on the outskirts of the capital, accor-ding to contractors hoping to bid for the work.

The CMA is currently prequalifying contractors to bid for the deal to build the 400-metre-tall tower, which will supercede the 309-metre-tall Kingdom Tower in central Riyadh as the country’s tallest building. The CMA has yet to say when it will announce the shortlist of bidders.

The winning contractor will build the tower with three basement floors, 79 storeys above ground, with a total built-up area of 185,000 square metres.

The CMA expects site preparation work to start by the end of this year, with construction beginning in January 2010.

The regulator wants to move into the tower in early 2012.

The CMA tower is one of several high-rise developments planned for the SR36bn ($9.6bn) financial district.

The Saudi Stock Exchange (Tadawul) and other Saudi financial institutions, such as Samba, Alinma Bank, Al-Rajhi Bank, and the Public Investment Fund, are all seeking high-rise office space in the financial district.

The investment arm of the Public Pension Agency, Al-Rayadah Investments, is the master developer on the scheme.

Although it will be the kingdom’s tallest tower when completed, the CMA tower will be considerably shorter than the 1-kilometre tower planned by Saudi investment company Kingdom Holding at Jeddah Kingdom City (MEED 11:9:09).

Kingdom has shortlisted three architects and three contractors for the project, which it hopes will replace the 818-metre Burj Dubai as the world’s tallest building.

The shortlisted architects, which are all from the US, are Skidmore Owings & Merrill; Adrian Smith & Gordon Gill Architecture; and Pickard Chilton, which will work in partnership with UK-based Hyder Consulting.

The three contracting groups are South Korea’s Samsung Corporation with Dubai-based Arabtec Construction; Australia’s Multiplex; and Saudi Binladin Group.

Despite falling property prices and the economic slowdown, developers are moving ahead with a series of other high-rise schemes elsewhere in the Gulf.

In Doha, Qatar National Bank has invited contractors to bid by 25 October to build its 510-metre headquarters building, which will be the tallest in Qatar.

In Dubai, Hong Kong-based developer Trident Holdings selected Lebanon’s Arabian Construction Company in early September for a AED1.5bn ($408m) deal to build the 618-metre Pentominium tower in Dubai Marina.

Other tower projects have been put on hold, including Meraas Development’s planned tower at Jumeira Garden City in Dubai, Dubai-based Al-Fattan Properties’ tower at Dubai Marina, Abu Dhabi-based Al-Jaber Group’s tower on the Doha Corniche, and Qatari Diar Real Estate Investment Company’s tower at the Doha Convention Centre development.

SOURCE (http://www.meed.com/sectors/construction/real-estate/-saudi-regulator-to-tender-tall-tower-scheme/3000934.article)

With respect to height do not think it would be taller than the Abraj Al-Bait in Mecca as classified by the magazine world that Abraj Al-Bait in Mecca, is the second tallest building in the world after the Burj Dubai
As well as Sama Dubai Tower in Jeddah will exceed the height of 400 meters from the 82-F

WE RESPECT THAT FRIEND, AND ALWAYS HATS OFF

BUT FOR RIYADH ITS THE HIGHIEST

http://www.gulfup.com/gfiles/12542371754.jpg (http://www.gulfup.com/)


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http://www.gulfup.com/gfiles/12542371752.jpg (http://www.gulfup.com/)

http://www.image-uploader.com/files/iyrm17684gho84xj0lks.jpg (http://www.image-uploader.com/)

:banana: :nuts: :banana: :cheers: :banana: :nuts: :banana: :lol: :banana: :cheers:

"الاستثمارات الرائدة" ترسي عقد تنفيذ 30 حزمة من المباني ضمن مشروع مركز الملك عبد الله المالي لـ"بن لادن السعودية" بقيمة 14 مليار ريال على مدى 38 شهراً
أرقام 10/10/2009

أرست شركة "الاستثمارات الرائدة"، التي تقوم بتطوير مركز الملك عبد الله المالي، عقداً بقيمة 3.73 مليار دولار (14 مليار ريال سعودي) لمجموعة بن لادن السعودية تتولى بموجبه المجموعة تصميم وبناء 30 حزمة من المباني داخل المركز حسبما أوردت صحيفة "سعودي غازيت" الناطقة باللغة الإنجليزية.

ويقول مدير المشروعات في شركة "الاستثمارات الرائدة" إن العقد يلزم "مجموعة بن لادن السعودية" إكمال 27 حزمة من المباني من أصل 30 بحلول مارس عام 2012 والحزم الثلاث الباقية في نوفمبر عام 2012 مضيفاً أن المجموعة السعودية تعد أول مقاول لديه إمكانية تنفيذ 30 حزمة من المباني خلال 38 شهراً.

ويشمل العقد بناء أطول برجين في الأبراج المشمولة في مركز الملك عبد الله المالي، وهما مركز التجارة العالمي بارتفاع 303 أمتار، وبرج مصرف دول المجلس التعاون الخليجي بارتفاع 240 متراً، وهما البرجان الواقعان ضمن آخر ثلاثة أبراج سيتم تسليمها للجهة المطورة، حسب النشرة.

وأشار مدير المشروعات في "الاستثمارات الرائدة" إلى أن نحو 70% من حجم مشروعات المركز سيكتمل بتنفيذ العقد مع مجموعة بن لادن في حين أن باقي المشروع سيتم تنفيذه حسب الطلب.

وكان تقرير صحفي قد ذكر في يونيو الماضي أن "الاستثمارات الرائدة" تتجه إلى طرح ثلاثة عقود إنشائية رئيسية للمركز في غضون الـ12 شهراً المقبلة بما فيها إنشاء برجين يعدان من أطول الأبراج في المملكة العربية السعودية بارتفاع يصل نحو 310 أمتار.

ويشمل أحد العقود الرئيسية (عقد الأعمال الأرضية)، حيث جاءت قائمة الشركات المرشحة لتقديم العروض لها، كلاً من مجموعة بن لادن السعودية، و"سعودي أوجيه"، و"السيف الهندسية والمقاولات"، و"نسمة وشركاه للمقاولات"، و"تومبين السعودية"، و"اليمامة للتجارة والمقاولات"، ثم شركة "بيطور" التركية.

الجدير بالذكر أن العقد الأول يشمل بناء الأنفاق والجسور التي تربط مختلف الأجزاء من المشروع والثاني مرافق الكهرباء والمياه إلى جانب الأعمال الأرضية، بينما يشمل العقد الثالث إنشاء وهندسة مشروع خط حديدي مفرد الذي تتولى بناءه شركة "سيسترا" (Systra) الفرنسية.


Google translation:

"Investments" pilot establishes a contract to implement a package of 30 buildings within the project of the King Abdullah Financial for "Bin Laden, Saudi Arabia," worth 14 billion riyals over 38 months
Figures 10/10/2009

Established the company "investments" pilot, which is developing the King Abdullah Financial District, a contract worth $ 3.73 billion (14 billion Saudi Riyals) for the Bin Laden Group, Saudi Arabia, which holds the group to design and build a package of 30 buildings inside the center as newspaper, "Saudi Gazette" speaking in English.

He says the project manager in the "investment pilot:" The contract requires that "Bin Laden Group, Saudi Arabia," the completion of a package of 27 buildings out of 30 by March 2012 and the remaining three packages in November 2012, adding that the group in Saudi Arabia is the first contractor to have the possibility of implementing a package of 30 buildings during the 38 months.

The contract includes building the tallest towers in the towers included in the King Abdullah Financial District, the two World Trade Center, at altitudes of 303 meters, the Tower Bank of the Gulf Cooperation Council States, up 240 meters, the two towers are located within the other three towers will be handed over to the developer, according to the bulletin.

The project manager in the "investments" pilot that about 70% of the projects the Center will be completed by the implementation of the contract with the Bin Laden Group, while the rest of the project will be implemented according to demand.

The news report had said last June that "the leading investment" moving to three major construction contracts to the Center within the next 12 months including the establishment of towers are among the tallest towers in Saudi Arabia at altitudes up to about 310 meters.

And involves the major contracts (contract work floor), where it came from a list of the companies chosen to make presentations to them, both the Bin Laden Group, Saudi Arabia, "Saudi Oger," and "The Sword of engineering and construction," and "people and Contracting Co." and "Tumbin Saudi Arabia ", and" Al Yamamah Trading & Contracting ", then the company" Bitor "Turkish.

It is worth mentioning that the first contract involves the construction of tunnels and bridges connecting the various parts of the project and the second electricity and water utilities as well as earthworks, while the contract includes the establishment of the third and Engineering Monorail project, whose construction company "Systra" (Systra) French.

Site Tour: King Abdullah Financial District
Oct 11, 2009: A closer look at construction at KAFD
http://www.constructionweekonline.com/pics-6609-site-tour-king-abdullah-financial-district/?iframe=true&width=100%&height=100%

http://www.constructionweekonline.com/pictures/gallery/InPictures/KAFD/450x240/1.jpg
Unaffected by the global economic downturn, Saudi Arabia is furiously constructing its King Abdullah Financial District, a project destined to become a new city centre for Riyadh.


http://www.constructionweekonline.com/pictures/gallery/InPictures/KAFD/450x240/2.jpg
Centrally located on Riyadh's King Fahd Highway, the development will feature more than 40 towers with all the facilities, amenities, utilities and transport networks you would come to expect in a well-designed city of the 21st century.


http://www.constructionweekonline.com/pictures/gallery/InPictures/KAFD/450x240/3.jpg
Construction started last November and with a fast-tracked contract period of 30 months this first stage is expected to finish around mid 2011.


http://www.constructionweekonline.com/pictures/gallery/InPictures/KAFD/450x240/4.jpg
Overall it's expected that by mid-2012 around 70% of KAFD will be built out, with the remaining land developed over time according to demand.


http://www.constructionweekonline.com/pictures/gallery/InPictures/KAFD/450x240/5.jpg
26% of KAFD's 5 million m2 built up area will be designated for residential apartments designed for local and international customers. There will also be a total of six hotels and a fair proportion of KAFD has been set aside for retail and attractions.


http://www.constructionweekonline.com/pictures/gallery/InPictures/KAFD/450x240/6.jpg
Central to the plan is KAFD's 'wadi' concept; a subterranean pedestrian area running throughout the development which include water features and greenery and will be heavily shaded by the surrounding towers.


http://www.constructionweekonline.com/pictures/gallery/InPictures/KAFD/450x240/7.jpg
The entire site is expected to at least achieve the basic Leed environmental certification - which will be the first Leed accredited buildings in Riyadh.



http://www.constructionweekonline.com/pictures/gallery/InPictures/KAFD/450x240/8.jpg
The architects from FX Fowle, who are designing Saudi Binladin's parcels, say they are also using local materials and stone in the construction which will also help score Leed points.

Saudi Binladin wins $3.7bn financial
district contract

11 October, 2009

Contractor will design and construct 30 buildings at King Abdullah Financial District

SOURCE (http://www.meed.com/sectors/construction/real-estate/saudi-binladin-wins-37bn-financial-district-contract/3001303.article)

i believe the budget that saudi bin ladin has more than the government itself :nuts:

the thing make me surprise when the government want to be serious to do something they can make it in unexpected period of time i mean come on existing 40 towers from scratch in 3 years!!

watch it on HD
qAhIYCh8wTU

thanks for the update

Saudi Arabia Bank Headquarters, Riyadh, Saudi Arabia

New building for Riyadh's financial district takes inspiration from mathematics
The design is for a new headquarters building for a leading banking institution based in Riyadh and located at the heart of the King Abdullah Financial District. Embracing new ways of working, these head offices have been designed to be an exemplar of modern workplace design.

The design is born out of a deep understanding of the principles of Islamic mathematics and is respectful of the geometric ideals that underpin the traditional structures of the region. Simply put, the bank is about numbers, Islamic geometry is about numbers; so is the building. The shape of the building is derived from a nested and repeated fractal form within an overall Islamic pattern. By following mathematical rigour to create an interlocking and infinite geometric pattern the design creates a balanced and harmonious building form.

In developing this iconic form, our inspiration has also been to learn from the immediate context to ensure regional relevance and to address brief requirements. Bio-mimicry of the structure of the desert butterflies’ wing has been used to inform the skin of the façades which are interpreted to provide solar shading while optimising the view out and incorporating photovoltaics. Additionally, the bank rises from an oasis that links the building directly to a nearby subterranean retail development at the same level. The sunken watery oasis or ‘wadi’ is a link to places in the region as well as creating a natural security buffer that provides passive cooling to assist in avoiding thermal shock between exteriors and interiors.

The client / end-user is currently housed in four separate buildings and lacks a sense of community. To address this condition we have developed an optimum floor plate by creatively reconsidering the central core solution. The central core has been replaced with an internal vertical courtyard that visually and physically connects the entire building. The functional requirements of the central core have been split and located in two smaller cores at the east and west ends of the building. These cores not only provide protection from high heat and solar loads, they are also more structurally efficient. The end cores draw fresh air in directly from the exterior avoiding space hungry vertical supply ducts which have been replaced with usable and lettable floor space.

To avoid glare, a light funnel at the top of the atrium harvests sun- light and heliostats bounce light deep into the heart of the building. Three storey winter gardens in the lower 10 stories ensure deep light penetration to the lower ground levels. The heart of the bank is a light filled vertical courtyard that is open to its people and customers. The harnessing of the bountiful daylight, combined with a broad range of other sustainable initiatives that address energy, water, indoor environmental quality and material use; the building is targeted to achieve a LEED Platinum Sustainability rating.

http://www.image-uploader.com/files/szvlcbqvkkheo8tim4qs.jpg (http://www.image-uploader.com/)


http://www.image-uploader.com/files/g023sncj2wrm2ftyjek5.jpg (http://www.image-uploader.com/)

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Now we're talking ! I like it, like it, like it ! ^_^ .. can't Waite to see the other towers .
thanks a lot Riyadh Sun .

Riyadh's new financial district sets example for future growth
The goal of the King Abdullah Financial District (KAFD) is to provide a new financial district that emphasises the integration of business and recreational activities, creating a significant identity within an attractive setting for the financial district and the citizens of Riyadh. Programmatic components include office, residential, educational, sports, retail and cultural facilities. Four individual parcels (2.09, 2.14, 4.07-4.08) comprise FXFOWLE’s portion of the development, but were considered and designed as a single project.

The design of FXFOWLE’s KAFD Parcels proposes a separation between pedestrian walkways, vehicular traffic, and public spaces within each site. The firm’s intent is to create dynamic, visually porous structures that acknowledge the edge conditions of the building while also drawing attention to three distinct levels of public space. A traditional Wadi – a dry river bed that collects water runoff – unifies and connects the four structures, one of which is a Mosque. Enclosed pedestrian skywalks encourage circulation while a monorail system promotes the use of public transportation.

FXFOWLE’s KAFD Parcels embody the principles of environmentally responsible building design and related construction methodologies. Environmental modeling software was used to develop the building forms in response to sun and shadow patterns, permitting natural lighting and views while mitigating solar gain. Energy-reducing sun shades are integral to all building facades. FXFOWLE’s buildings will be some of the first LEED certified projects in Saudi Arabia, and – as the first realised construction projects in the development – have established a true interpretation of the conceptual master plan. FXFOWLE’s efforts in this regard, combined with client commitment for environmentally responsible design and the creation of a pedestrian friendly environment will set an example for the future growth of this region. All four parcels are currently under construction.

http://www.image-uploader.com/files/us2vqchsguce6arge8kv.jpg (http://www.image-uploader.com/)

http://www.image-uploader.com/files/oq7hsj5q3m0o1jysxgv2.jpg (http://www.image-uploader.com/)

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gorgeous visual effects on the design i mean the spire prominent on the top!!
btw someone who i know working on NCB told me national commercial bank will not be a part of KAFD! the current headquarter in jeddah will not change!

YES FOR THE TIME BEING ,:)
BUT ONCE THEY INTER THE STOCK MARKET ,, I THINK THEY MUST HAVE A BRANCH THERE ...THEY ARE GOING TO LAUNCH DURING THE NEXT YEAR :nuts:

http://www.neoscape.com/images/portfolio/illustrations/4_KAFD_ViewsAD_web.jpg

Neoscape artists partnered with Callison to create several exterior conceptual renderings for client approval of their design for the King Abdullah Financial District project in Saudi Arabia. As part of our team’s creative process, we explored numerous lighting and camera angle studies to determine the views that would best showcase their design of the la
http://neoscape.com/#/portfolio/3d_illustrations/4/

هيئة السوق المالية تعلن عن تشييد ناطحة سحاب مقرا لها في الرياض

صورة البرج
http://aawsat.com/details.asp?section=6&issueno=11309&article=544234&feature=

يقع في مركز الملك عبد الله المالي بارتفاع 77 طابقا وبألواح لتوليد الطاقة الشمسية
الشرق الأوسط 14/11/2009

كشفت هيئة السوق المالية عن تصاميم مبنى مقرها الرئيسي في مركز الملك عبد الله المالي الذي وضعت تصميمه شركة «HOK» العالمية ودار الدراسات العمرانية وشركاؤهما، بالتعاون مع شركة «Hyder» للتصميم الإنشائي. وقالت الهيئة في بيان صحافي رسمي صدر عنها أمس إن برج هيئة السوق المالية سيرتفع 77 دورا بارتفاع 385 مترا.

ويشرف البرج على منطقة الساحة المالية والوادي الاصطناعي. وسيصبح هذا البرج من بين أعلى الأبراج في العالم بمساحة مكتبية تبلغ 185 ألف متر مربع، بينما سيكون الجزء العلوي من المبنى مقرا لهيئة السوق المالية. وتضم المكاتب في هذا المبنى أحدث الخدمات المكتبية الذكية التي يمكن تكييفها بحسب الحاجة لتوافر بيئة عمل مناسبة للعاملين.

وذكر البيان حول ما يخص المنطقة السفلية الملحقة بالبرج أنها ستضم بالإضافة إلى منطقة الخدمات المساندة مناطق الاستقبال ومطعما وقاعة محاضرات تتسع لنحو 500 شخص ذات تصاميم معاصرة، وتربطها بالمباني المحيطة جسور مشاة معلقة.

ووفقا للبيان الصحافي روعي عند تصميم المبنى والمرافق اختيار العناصر والمواد والوسائل المناسبة التي تلائم صناعة الإنشاءات المحلية، مع الاستفادة القصوى من أحدث نظم البناء العالمية الحديثة المراعية لجميع الاعتبارات والضوابط البيئية.

وفيما يتعلق بالطاقة، ركز على استخدام أفضل الوسائل والتصاميم لتوفير طاقة ذات كفاءة عالية تتماشى مع متطلبات المباني للطاقة والبيئة، بينما سيكون المبنى معزولا عزلا جيدا ضد الحرارة وأشعة الشمس، إذ استُخدمت ألواح زجاج من عدة طبقات مظللة بطبقة من الألواح الخارجية، يتم توجيهها بحيث تحد من حرارة الشمس وتخفف من أحمال التبريد الداخلية، مما يوفر في حجم الطاقة المستخدمة وتكاليفها.

وسيتم – بحسب البيان ـ تعزيز الطاقة الكهربائية من خلال تركيب ألواح لتوليد الطاقة الشمسية على سطح المبنى والأسطح الخارجية لتقليل الحرارة الداخلية المنبعثة، وألغيت نظم التوزيع المعتمدة على الكابلات النحاسية واستعيض عنها بتقنيات نظم اتصال لاسلكي وأسلاك ألياف ضوئية. وستضم البنية التحتية الذكية شبكات صوت وبيانات وفيديو تدار مركزيا، مما يوفر في التكاليف ويضاعف الإنتاج. وتمتاز جميع النظم بوفرة العناصر البديلة التي تستوعب أي توسع مستقبلي وأي تقنيات حديثة.

ومعلوم أن مركز الملك عبد الله المالي يعد مركزا متكاملا ومؤهلا لتقديم الكثير من الأنشطة والخدمات المالية، وسيعمل على استقطاب الاستثمارات المختلفة، وتوفير الفرص الوظيفية للقوى العاملة السعودية، بالإضافة إلى أنه سيصبح مركزا لتدريب وتطوير الكفاءات والخبرات المالية لتلبية حاجات القطاع المالي ومتطلباته من هذه الكفاءات المدربة المؤهلة.

ويمثل المركز كذلك إضافة نوعية إلى النهضة العمرانية التي تشهدها المملكة. ويضم مركز الملك إلى جانب مباني هيئة السوق المالية، ومبنى شركة السوق السعودية (تداول)، والأكاديمية المالية، الكثير من مقار الشركات التي تقدم مختلف الخدمات المالية والمصرفية والتأمينية.

ومن المتوقع أن يصبح مبنى هيئة السوق المالية في مركز الملك عبد الله المالي معلما حضاريا بارزا من معالم العاصمة، يبرز أهمية دور هيئة السوق المالية والقطاع المالي في اقتصاد المملكة، ويعكس المكانة السياسية والاقتصادية التي تتمتع بها المملكة على المستويين الإقليمي والدولي.

thanks rayyan ... this is the tower ( Capital Market Authority headquarters ) :
http://img25.imageshack.us/img25/2280/picture3ko.jpg

385 meters | 77 floors .
I think this one will be the tallest of all the other towers in the project .

welcome jh1

there are any pic or informations about

MOBILY HEADQUARTER ????????:ohno::ohno::ohno:

they say ::
http://argaam.com/Portal/Content/ArticleDetail.aspx?articleid=82419

but till now there is no pic or any information about it

wow I like the design
I hope there will be high towers more this one