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Thursday, 3 May 2018

Exclusive: Saudi state finalized ownership transfer of $10 billion financial district | Reuters

Exclusive: Saudi state finalized ownership transfer of $10 billion financial district | Reuters:

"The Saudi government has finalized terms to transfer ownership of the kingdom’s glitzy $10 billion financial district in Riyadh to the finance ministry and Public Investment Fund (PIF), five sources familiar with the matter told Reuters.

The move paves the way for reviving work on King Abdullah Financial District (KAFD), which has been planned since 2006 to house banks and the financial regulator’s headquarters across an area roughly four times the size of London’s Canary Wharf.

The project, owned by the kingdom’s Public Pension Agency, has been plagued by construction delays, cost overruns and uncertainty about the future of its ownership. Cranes at the site have been still for three years. "



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