Construction works on the King Abdullah Financial District (KAFD) in Riyadh have resumed, a source familiar with the scheme tells MEED.

It is understood the client, Saudi Arabia’s Public Investment Fund (PIF), plans to complete the project by October 2020.

“The cranes are back on the site … they want to complete the project in time for the G20 summit to be held in Riyadh in late 2020,” the source tells MEED.

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.

Construction work on the development is about 70 per cent complete.

PIF is understood to have appointed US-based JP Morgan in 2016 to advise on the transfer of the project, as well as establish a valuation of the district and work out how much compensation will be paid to the PPA.

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.