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

Approximately 10 groups submitted bids on 22 April for the construction deal, according to sources in Riyadh. The 40-storey tower development will cover a total area of 140,000 square metres and will contain a three-storey car park.

The client recently prequalified contractors for the mechanical, electrical and plumbing (MEP) contract for the Tadawul tower, and is expected to issue tender documents by the end of April for the MEP deal.

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.

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.

The last major project to be awarded on the development was to the local El-Seif Engineering & Contracting for the estimated SR900m ($240m) contract to build the new headquarters for the local Samba bank.