The King Abdullah Financial District, or (KAFD), is the largest multi-use financial district in the Middle East, boasting a strategic location in the heart of Riyadh City. The district is an integrated destination that combines residential, business, and entertainment facilities, covering a ground area of over 1.6 million m. Furthermore, it stands as an architectural marvel with more than thirty buildings, including sixty-four towers that have reshaped the urban skyline of the capital, Riyadh.
The Public Pension Agency began the implementation of the King Abdullah Financial District in 2006, and the Custodian of the Two Holy Mosques, King Salman Bin Abdulaziz Al Saud, directed the completion of its buildings and its development, in accordance with a clear strategy that serves the modern economic directions of the Kingdom. KAFD was constructed using the latest engineering technologies and was designed by twenty-two of the world's most competent architects. It represents the primary destination for finance and business in the region.
KAFD strategy
In 2016, Saudi Vision 2030 redefined the strategy of the King Abdullah Financial District, aiming to enhance its chances of success. The vision decided to transform KAFD into a special zone with competitive regulations and procedures, exempting the project area from entry visas and connecting it directly to the arrival hall of King Khalid International Airport via train.
Saudi Vision 2030 reorganized and redistributed the spaces within the district to increase the proportions allocated for housing and service areas compared to offices. It also aimed to increase the number of hotels required by Riyadh City in general and the district in particular. The objective was to create a comprehensive and suitable environment that is appealing for living and working in the district. Consequently, the ownership of the district was transferred to the Public Investment Fund to achieve this. The fund then opened some of the project's commercial parts and prepared its buildings according to a specific timeline.
Location of KAFD
After all the due construction is completed, the district aspires to become the most considerable financial edifice in the Middle East and to match its international counterparts, like the London Canary Wharf Financial District, which was established on an area of 345 thousand m².
KAFD is situated between three main roads: King Fahd Road, the Northern Ring Road, and al-Thumama Road. The district will serve as the headquarters for its owner, the Public Investment Fund, one of the world's largest sovereign wealth funds, making it an attractive hub for major financial, investment, and others.
Components of KAFD
The district features a number of glass skyscrapers with attractive architectural designs. These will serve as headquarters for some of the largest Saudi banks and global consultancy firms. Some of the towers are designed to house both administrative units and residential ones in the same building, allowing companies operating in the district to provide housing for employees within the same work tower.
Global awards won by KAFD
The King Abdullah Financial District has won several global awards in various fields related to its design and performance efficiency. In 2020, the district's mosque received the World Architecture Award in the religious designs category for 2020, which is granted annually by the Athenaeum Museum in Chicago, USA, for the best global designs. This was due to its ingenious architectural design, which is devoid of any columns, and its shape inspired by the desert flower.
In 2021, the King Abdullah Financial District received the LEED Platinum certification, the highest global rating in the Leadership in Energy and Environmental Design (LEED ND Platinum) system, provided by the U.S. Green Building Council (USGBC). This was due to its sustainable and efficient design, energy, and water consumption, in addition to the master plan that facilitates easy mobility throughout the district.
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