US-based Hill International has received a one-year, $6.6m contract extension from the Public Pension Agency in Saudi Arabia to continue providing project management services for the development of the $7.8bn King Abdullah Financial District in Riyadh.

The King Abdullah Financial District is anticipated to be the biggest financial district in the Middle East and a strategic development for the city of Riyadh. The site covers about 1.6 million square metres (sq m) and the development is expected to have floor space of more than 3 million sq m.

The district is expected to be the headquarters for the Capital Market Authority, the Saudi Stock Exchange (Tadawul) and other major financial institutions, as well as a location for financial service providers such as accountants, auditors, lawyers, analysts, ratings agencies, consultants and technology providers. 

“We are honored to be part of this state-of-the-art development for doing business and facilitating investment both in the kingdom and throughout the Middle East,” says Mohammed al-Rais, senior vice-president and managing director, Middle East for Hill’s project management group. “We are proud of the confidence that the Public Pension Agency continues to [show] in our team.”