EXCLUSIVE: Firm wins Riyadh megaproject consultancy work

26 August 2018
Construction work on the stalled King Abdullah Financial District resumed earlier this year

Saudi Arabia’s Public Investment Fund (PIF) has appointed the Saudi Arabia subsidiary of Sets, a Lebanon-based engineering firm, to provide traffic and transport consultancy services for the King Abdullah Financial District (KAFD) project in Riyadh.

According to Sets, the scope of works includes the preparation of a baseline traffic impact study for the original master plan and an updated traffic impact study to support the delivery of a new master plan for the project. It also covers the provision of technical support during the construction phases of the new master plan.

Construction works on the King Abdullah Financial District (KAFD) in Riyadh resumed earlier this year.

It is understood the PIF plans to complete the project by October 2020 in time for the G20 summit to be held in Riyadh late that year. Construction work on the development was about 70 per cent complete when it stalled.

PIF took over the project from the Public Pension Agency (PPA) in 2016-17. It is understood the PPA had struggled to lease space to financial institutions.

MEED reported there were plans to change the use of some of the built-up areas to increase the allocation for residential accommodation, services and hospitality areas.

There are plans to directly connect KAFD to King Khaled International airport in Riyadh, as well as turn it into a special zone with competitive regulations and procedures, and visa exemptions.

A MEED Subscription...

Subscribe or upgrade your current MEED.com 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