The local Saudi Binladin Group (SBG) has won a SR14bn ($3.7bn) design and build contract for the King Abdullah Financial District (KAFD) outside Riyadh.

The contract covers 30 buildings and includes the construction of the 303-metre World Trade Centre and the 240-metre GCC Central Bank Tower which will be two of the tallest towers at KAFD.

Last year the local project developer Al-Rayadah Investments awarded SR37bn of contracts to SBG, the local El-Seif Engineering & Contracting and the local Saudi Constructioneers for work on the development.

Another high rise tower to be built at at KAFD will be tendered in the coming months. Saudi financial regulator the Capital Market Authority (CMA) is currently prequalifying contractors to bid for the deal to build a 400-metre-tall tower with a total built-up area of 185,000 square metres (MEED 25:9:09).

The CMA expects site preparation work to start by the end of this year, with construction beginning in January 2010.