Riyadh receives bids for stock exchange deal

10 July 2012

Client is still evaluating proposals for main construction contract on stock exchange tower project

The Saudi Stock Exchange Company has received bids for the mechanical, electrical and plumbing (MEP) contract for its estimated SR1bn ($266m) Tadawul tower at the King Abdullah Financial District (KAFD) in Riyadh.

The client received bids from contractors for the MEP deal in the first week of July, according to sources in Riyadh.

Meanwhile, the client is still evaluating bids for the main construction deal for the Tadawul tower project. Approximately 10 groups submitted bids on 22 April for the construction contract. The 40-storey tower development will cover a total area of 140,000 square metres and will contain a three-storey car park.

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, the investment arm of the state-owned Public Pension Agency.

Al-Rayadah is also planning to tender an estimated $300m science museum and aquarium at the financial district by the end of 2012. The science museum and national aquarium have been designed by US-based Cambridge Seven Associates. The museum will be linked to a geo-climate centre and both buildings will be located in the central area of KAFD.

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.

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