The Saudi Stock Exchange Company (Tadawul) is expected to issue a tender for the mechanical, engineering and plumbing (MEP) contract for its estimated SR1bn ($266m) Saudi Stock Exchange tower project in Riyadh before the end of April.

The client is still evaluating prequalification entries for the MEP contract and has told contractors that the request for proposals (RFP) will be issued before the end of April, according to sources in Riyadh.

Contractors were recently invited to submit bids for the main construction package on the stock exchange project, which will be located at the King Abdullah Financial District (KAFD).

The 40-storey tower development will cover a total area of 140,000 square metres (sq m) 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, 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.