The Saudi Stock Exchange (Tadawul) has appointed Japan’s Nikken Sekkei as the architect for its new tower at King Abdullah Financial District (KAFD) on the outskirts of Riyadh.

Other Saudi financial institutions are planning to build high-rise towers at KAFD including the Capital Market Authority (CMA), local banks Samba, Alinma Bank, Al-Rajhi Bank, and the Public Investment Fund (PIF).

The Capital Market Authority (CMA) has selected the local Saudi Binladin Group for the contract to build the kingdom’s tallest tower at KAFD on the outskirts of the capital.

Once the contract is awarded, the contractor will build a 400-metre-tall tower with three basement floors and 79 storeys above ground. The building will have a total built-up area of 185,000 square metres.

In November last year Samba invited companies to qualify for the contract to build its new headquarters.

The main construction contract involves building the structure and a basic fit-out of a 39-floor office building with three levels of basement parking. The total built-up area is about 110,000 square metres.