The local El-Seif Engineering & Contracting has been awarded a SR275m ($73m) contract to build infrastructure works at the King Abdullah Financial District (KAFD) on the outskirts of Riyadh.
With additional works, the total value of the infrastructure deal is expected to reach SR350m. The local contractor was awarded the contract in March.
The work will involve the construction of roads, bridge overpasses on the Thumamah road, a bridge and three underpasses. The contract will also involve landscaping works alongside the roads, travelator tunnels and required electromechanical works.
In June last year, El-Seif was awarded the estimated SR900m ($240m) contract to build a new headquarters of Saudi bank Samba at the KAFD. The contract involves building the structure and basic fit-out of the 39-floor office building and three-storey car park. The total built-up area will be 110,000 square metres (MEED 11:6:10).
The local contractor is also currently working on parcels 3.04 and 3.05 at the financial development. The work involves the design and construction of a 31-floor office tower block, a 23-floor apartment block and an 18-floor mixed use tower.
The client for the King Abdullah Financial District is the local Rayadah Investment Company, which is the investment arm of the state-owned Public Pension Agency.