Contractors approached for Saudi Stock Exchange project

25 April 2011

Tower will be located in the King Abdullah Financial District

Contractors have been invited to express interest in the project to build the estimated SR1bn ($266m) Saudi Stock Exchange (Tadawul) tower at King Abdullah Financial District (KAFD) on the outskirts of Riyadh.

Contractors have been approached by the scheme’s project managers for the main construction package on the 40-storey tower project. The development will cover a total area of 140,000 square metres. The site will also contain a three-storey car park.

Saudi construction awards
YearValue ($)
Source: MEED Projects

UK-based Mace Group is the project manager. Japan’s Nikken Sekkei is the architect for the tower and Denmark’s Ramboll is providing environmental design services.

The building is designed to achieve a Leadership in Energy and Environmental Design (Leed) rating. As part of efforts to achieve the rating, Ramboll is looking to incorporate an advanced natural cooling and ventilation system. Other green design elements include mirrored ducts to introduce natural sunlight and solar shading to reduce the load on the cooling system.

Other Saudi financial institutions building high-rise towers at KAFD include the Capital Market Authority (CMA) and the local Samba bank.

In December 2009, the CMA selected the local Saudi Binladin Group for the contract to build its headquarters. The contractor will build a 400-metre-tall tower with three basement floors and 79 storeys above ground. The building will have a total built-up area of 185,000 sq m. Binladin is also building 20 mixed-use towers worth an estimated $3.7bn for the financial district.

In June last year, the local El-Seif Engineering & Contracting was awarded the estimated SR900m ($240m) contract to build a new headquarters for Samba. The 39-storey tower will cover a total built-up area will be 110,000 sq m. The building was designed by UK architecture firm Foster & Partners.

The local Alinma Bank, Al-Rajhi Bank and the Public Investment Fund are other local financial institutions planning to build developments at KAFD.

Located on a 1.6 million sq m site north of Riyadh, the KAFD will offer commercial and residential districts along with hospitality, retail and recreational facilities. KAFD is being developed by Al-Rayadah, which is the investment arm of the state-owned Public Pension Agency (MEED 11:6:10).

A MEED Subscription...

Subscribe or upgrade your current package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications