The first phase of the project covers excavation and ground preparation works.
A tender for the second phase, covering foundations and piling, will follow soon after.
Located in the King Abdullah financial district, the CMA tower will be 380 metres high and is set to be tallest building in the capital.
The local Omrania & Associates is designing the project in a joint venture with the US architects HOK (MEED 6:10:08).
KAFD is being developed by the Public Pensions Agency.