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|May 9th, 2006, 03:02 PM||#1|
Join Date: Oct 2005
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King Abdullah Financial District l U/C l 80 Towers l Mixed-Use
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 m