The new development, which is estimated to be worth SR1.4bn ($320m), will be based in a business park on the eastern ring road in the north of the capital.

Construction work is expected to last three years.

The General Organisation for Social Insurance is a government body which is supervised by a board of directors chaired by the Minister of Labour and with other members representing the Ministry of Finance and the Ministry of Health. The organisation runs the country’s social insurance system, collecting contributions from employers and paying benefits.

Another business park, the King Abdullah Financial District, is being developed to the south of the city by the Public Pension Association. Bids were due to be submitted in April for the first major construction contracts, but these have been withheld pending a review of the masterplan (MEED 25:4:08).