The Saudi Stock Exchange Company has extended the submission date for the main construction contract on the estimated SR1bn ($266m) Saudi Stock Exchange (Tadawul) tower at the King Abdullah Financial District (KAFD) in Riyadh.

Contractors now have until 22 April to submit bids for the tender. The previous bid deadline was 8 April.

The 40-storey tower development will cover a total area of 140,000 square metres and will contain a three-storey car park.

The mechanical, engineering and plumbing (MEP) contract for the stock exchange tower is being tendered as a separate package. The client is expected to issue tender documents for the MEP package before the end of April.

UK-based Mace Group is the project manager for the stock exchange scheme. The tower was designed by Japan’s Nikken Sekkei. KAFD is being developed by Al-Rayadah, which is the investment arm of the state-owned Public Pension Agency.

KAFD is located on a 1.6 million sq m site north of Riyadh and will offer commercial and residential districts along with hospitality, retail and recreational facilities. The financial district is one of the largest megaprojects currently under construction in the kingdom, with more than $6.2bn-worth of construction contracts having already been awarded on the scheme.