NEW YORK, July 1, 2015 (MAMOSA Report) — The world’s largest green building development worth $11.6bn, is yet to be assigned a completion date as additional buildings are still being planned for the project.
Located in Saudi capital Riyadh, the King Abdullah Financial District comprises more than 40 individual buildings including the Capital Market Authority (CMA) tower. The tower, still under construction, is already the tallest building in Riyadh — with a height of 385m.
“From the original 34 buildings planned in a 1.6m sqm area for the project, there are now 112 spread over 12m sqm area, and more are being added,” a source told local daily Arab News, adding that he wouldn’t be surprised if more buildings are added in the near future.
KAFD is being developed under the US Green Building Council’s LEED-rating methodology.
Being built as a smart city, everything is state-of-the-art. There is seamless Internet access and security. It has 10 big attractions that include a world-class conference center, a science museum, an amusement park, spa (for men and women) and infrastructure that includes wireless Internet connection, among many others.
The departure of illegal expat workers following the Kingdom’s crackdown in 2013, as a part of its Saudization initiatives, was initially blamed for causing a delay on the project. Construction began in November 2009.
Unaffected by the global economic downturn, Saudi Arabia is furiously constructing the financial district, a project destined to become a new city centre for Riyadh which will have thrice as many high-end office spaces as the rest of capital, reported Construction Week.
Contractors working on KAFD include some of Saudi Arabia’s largest firm, such as Saudi Binladen Group, El Seif, Nesma, Al-Fanar, Saudi Systra, Cityscape (for landscaping), and Al-Bawani.
KAFD is being developed by the Rayadah Investment Corporation on behalf of the Kingdom’s Public Pension Agency.