HOW CAN WE HELP?
Private Sector Partnerships Enhance the KAFD Experience
Riyadh, Saudi Arabia, 16th March 2023: During a private sector event held by the Public Investment Fund (PIF), yesterday, the King Abdullah Financial District Development & Management Company (KAFD DMC) signed agreements with three Saudi private enterprises in the fields of digital payments, telecommunications and entertainment. The partnerships are dedicated to improving the KAFD experience and the quality of amenities available throughout the district.
Supporting retail tenants ranging from restaurants to pop-up outlets, a memorandum of understanding was signed with Saudi fintech startup, FOODICS, providing tenants with a digitally integrated electronic payment solution to improve accessibility and operations. With a growing hospitality offering, KAFD currently houses over ten local and international restaurants and cafes including the award-winning Il Baretto.
Following the digital payments agreement, KAFD DMC Chief Executive Officer, Gautam Sashittal, also signed an agreement with the Saudi Telecom Company (STC). Underscored by the KAFD commitment to sustainability and smart city initiatives, the collaboration allows both parties to exchange relevant data, sponsor events and promote sustainability initiatives that serve the district.
Finally, addressing quality of life and urban living, Sashittal signed a third contract with Altawahuj Entertainment to build an indoor and outdoor adventure park for young visitors and residents in KAFD. Widening the attractions available for families and children, the adventure park promises an exciting array of experiences.
Commenting on these latest developments, Gautam Sashittal, Chief Executive Officer of KAFD DMC, said: “Managing the prime business and lifestyle destination in the region, we are committed to providing only the best and most sustainable practices across the district for our tenants, residents and visitors. These private sector partnerships are integral to our plans and ambitions. The agreements we've reached today demonstrate our determination to make unmatched experiences a cornerstone of KAFD.”
The agreements were signed at the Local Private Sector Event hosted by the Saudi Public Investment Fund (PIF) to foster better contact between the public and private sectors. The Fund intends to boost these exchanges in order to promote long-term ties between the public and private sectors and create new business opportunities.
Set in the heart of the Saudi capital Riyadh, KAFD is home to 1.6 million square meters of state-of-the-art office space, world-class venues and iconic luxury residences, designed to transform the way urban communities live, work, learn and play. A landmark development, KAFD is a key driver of Riyadh’s economic ambitions, and is owned and managed by the King Abdullah Financial District Development and Management Company.