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Wednesday, 26 April 2017

Riyadh's new financial hub struggles with ownership uncertainty | Reuters

Riyadh's new financial hub struggles with ownership uncertainty | Reuters:

"A glitzy $10 billion financial district in Riyadh hopes to open its first phase for business this year but is struggling with red tape and uncertainty about its ownership, showing the challenges facing Saudi Arabia's economic reforms.

The plan to build the King Abdullah Financial District (KAFD) began in 2006, but the project has been plagued by construction delays, cost overruns and doubts about finding enough tenants.

The government said in 2016 it would rescue the project as part of efforts to diversify the oil-reliant economy. It said it would transform the district into a special business zone with competitive regulations, financial incentives and visa exemptions for foreigners working there."



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