The local Al-Rayadah Investment Company has invited contractors to submit bids for the contract to build an estimated $300m science museum at its King Abdullah Financial District scheme in Riyadh.

Al-Rayadah has set a submission date of 18 May for contractors to submit prices for the museum project. The client prequalified contractors for the tender in 2012.

The proposed museum has been designed by US-based Cambridge Seven Associates. The museum will be linked to a geo-climate centre and both buildings will be located in the central area of KAFD. Cambridge Seven has also designed a proposed aquarium for the KAFD scheme.

KAFD is located on a 1.6-million square metre site north of Riyadh and will offer commercial and residential districts along with hospitality, retail and recreational facilities. Al-Rayadah is the investment arm of the state-owned Public Pension Agency.

The financial district is one of the largest megaprojects currently under construction in the kingdom, with more than $6.6bn-worth of construction contracts having already been awarded on the scheme.

In September last year, a joint venture of South Korea’s Samsung C&T and the local Contracting & Construction Enterprises (CCE) was awarded the estimated SR1.4bn ($373m) deal to build the Tadawul Tower at KAFD.

The 40-storey tower development will cover a total area of 140,000 sq m and will contain a three-storey car park. UK-based Mace Group is the project manager for the scheme. The tower was designed by Japan’s Nikken Sekkei.