The main construction package on the estimated SR1bn ($266m) Saudi Stock Exchange (Tadawul) tower at King Abdullah Financial District (KAFD) is expected to be tendered by the end of October.

Contractors submitted prequalification entries on 29 June and have been told to expect tender documents in September or October, according to sources in Riyadh.

The 40-storey tower development will cover a total area of 140,000 square metres and will be located at KAFD on the outskirts of Riyadh. The site will also contain a three-storey car park.

UK-based Mace Group is the project manager. Japan’s Nikken Sekkei is the architect for the tower and Denmark’s Ramboll is providing environmental design services.

Located on a 1.6 million sq m site north of Riyadh, the KAFD will offer commercial and residential districts along with hospitality, retail and recreational facilities. KAFD is being developed by Al-Rayadah, which is the investment arm of the state-owned Public Pension Agency.

Saudi financial institutions building high-rise towers at KAFD also include the Capital Market Authority (CMA) and the local Samba bank.

In June last year, the local El-Seif Engineering & Contracting was awarded the estimated SR900m ($240m) contract to build a new headquarters for Samba. The 39-storey tower will cover a total built-up area of 110,000 sq m. The building was designed by UK architecture firm Foster & Partners (MEED 29:4:11).

In December 2009, the CMA selected the local Saudi Binladin Group for the contract to build its headquarters.