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Riyadh, Saudi Arabia, 7th February 2024
The King Abdullah Financial District Development and Management Company (KAFD DMC) announced today a series of groundbreaking partnerships and collaborations at the second edition of the Public Investment Fund’s (PIF) Private Sector Forum, held at the King Abdulaziz International Conference Center in Riyadh on February 6th and 7th, 2024. The strategic alliances emphasize KAFD's commitment to enhancing the development and experience of KAFD as a world-class business and lifestyle destination.
The Forum, which seeks to support nation-wide private sector engagement and strengthen the Kingdom’s economy, witnessed KAFD awarding several major contracts for five industry-leading, private enterprises across diverse sectors, from construction to hospitality and technology solutions, marking a significant milestone in the ongoing development and renovation works at KAFD.
KAFD DMC is a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund and oversees the development of the King Abdullah Financial District (KAFD) - a landmark project and a key driver of Riyadh’s economic ambitions. Set in the heart of the capital, KAFD is home to 1.6 million square meters of mixed-use urban development, designed to transform the way urban communities live, work, learn, and play. Located just a 22-kilometer drive from King Khalid International Airport, KAFD is the world's largest Platinum LEED-certified mixed-use business district.
During the two-day forum, KAFD DMC and Advanced Communications & Electronic Systems Company (ACES), a Neutral Digital Infrastructure Company signed a partnership agreement. ACES as Neutral Host Service provider will build a state-of-art 4G and 5G telecom infrastructure, support all mobile operators and provide seamless connectivity for all tenants and residents, visitors, and businesses alike, fostering a hyper-connected digital infrastructure environment which will empower the KAFD community and its business ecosystem.
Cementing its development trajectory, KAFD DMC awarded three Design and Build contracts to the Mohammed Alrashid Trading & Contracting Company (MARCO) which will undertake the comprehensive design, procurement, construction, testing, commissioning, and handover of works for Buildings 3.01, 3.02, 3.06, and the rooftop area of Building 3.11, in addition to two sky bridges; and MID Arabia stepping in to complete the fit-out works for a lifestyle hotel, ensuring seamless integration with KAFD's aesthetic vision.
Meanwhile, Source Machinery were awarded two contracts to embark on the development of Phases 1, 2, 3, and 4 of KAFD’s Area 6, laying the groundwork for future expansion plans, while JASH TECHNICAL Services L.L.C. was commissioned to provide comprehensive community services for KAFD's common use facilities.
Commenting on these latest collaborations, Gautam Sashittal, Chief Executive Officer of KAFD DMC, said: "The partnerships announced represent a powerful testament to the power of collaboration between the public and private sectors in Saudi Arabia.” He added: "These agreements not only double down our commitment to urban excellence but essentially demonstrate the critical role private-sector expertise plays in realizing the ambitious goals of Saudi Vision 2030. At KAFD, we have experienced firsthand the transformative impact of collaborating with dedicated and innovative private entities. We are thrilled to be joining forces with these industry giants and we are incredibly keen to continue seeking out partnerships with organizations that share our vision for the future of the Kingdom and KAFD. These collaborations bring us closer to what KAFD is always meant to be: a vibrant hub of innovation, business growth, and sophisticated urban living not just for Riyadh, but for the entire Kingdom.”
This constellation of partnerships not only accelerates the development of a smart, dynamic KAFD but demonstrates KAFD's dedication to forging strategic alliances that contribute to the district's growth and creating a thriving environment for businesses and residents. At the same time, these collaborations solidify the district's role as a key enabler of Saudi Vision 2030. KAFD acts as a microcosm of Vision 2030 in action, demonstrating the power of public-private partnerships to unlock potential and propel Saudi Arabia towards a prosperous future.