King Abdullah Financial District

Skyscraping ambitions with Riyadh’s renewed urban center

Gautam Sashittal, CEO, King Abdullah Financial District Development and Management Company, talks about the revitalization of Riyadh’s downtown core into a multi-asset business and lifestyle hub as a crucial and emblematic piece in Saudi Arabia’s current cultural and economic revolution.

Eyes around the world are turning to Saudi Arabia as the bulk of its giant Vision 2030 initiative developments make headway. Chief among these projects is the redevelopment of the King Abdullah Financial District (KAFD), Riyadh’s premier financial district designed by 25 world-renowned architects. The 395-acre plot consists of 95 edifices including its 65 colossal towers. Under new ownership by the Public Investment Fund (PIF) in 2018, the district has undergone a metamorphosis into an omni-functional smart and sustainable city and a symbol of the new Saudi Arabia. “KAFD provides more than just a business advantage and a place to establish business operations; KAFD offers something more profound – a place to call home,” said Gautam Sashittal, CEO of KAFD. The revitalized city center is a key step towards the government’s targets of raising Riyadh ranking to one of the world’s top ten cities.

The neighborhood contains the capital’s iconic Financial Plaza surrounded by six towers, including the Public Investment Fund Tower, the tallest skyscraper in Riyadh. It also contains Saudi Arabia’s avant-garde after-work venues “Our ultimate goal is to make KAFD a twenty-four-seven district, one that never sleeps,” said Sashittal. The district also hosts a full social calendar, including sporting competitions, food festivals and music concerts. To meet growing demand for business events, the KAFD Conference Center spans 33,500 square yards and features a giant multi-use event hall. The district is also set up to incubate small and medium-sized enterprises through its dedicated state-of-the-art infrastructure and connectivity to the country’s largest entrepreneurial support entities. KAFD is now home to more than 33 industry players such as pharmaceuticals giant Pfizer and consulting firm Deloitte alongside Saudi Aramco and the country’s lead financial players.

Since it took over, Saudi Arabia’s $650-million Public Investment Fund has been instrumental driving the district’s new vision. “PIF's vast network and influence in the region have opened doors to some incredible partnerships and collaborations,” said Sashittal. In May 2023, KAFD signed a partnership with IHG Hotels & Resorts to bring its Kimpton brand luxury hotel to Riyadh. In September 2023, KAFD partnered with telecommunications provider Orange Business to build, design and run a smart city platform alongside artificial intelligence leader SenseTime. “We are transforming this district into a cognitive city; we're creating an environment where buildings, people, work and mobility come together seamlessly through data analytics,” said Sashittal.

At the core of the KAFD development is a focus on creating one of the world’s most sustainable neighborhoods. A total of 40 climate-controlled sky bridges have been constructed to connect all towers, encourage pedestrian connectivity and decrease outside traffic. Additionally, the company plans on building a driverless monorail run solely on electricity. KAFD has also installed a system to recycle water in the district, with buildings 20-30% more water efficient than traditional structures. Another innovation is the district’s waste system, which uses public bins that attach to the city’s waste centers by vacuum pipes. For its green efforts, KAFD has received the Leadership in Energy and Environmental Design or LEED stage two platinum certification from the non-profit U.S. Green Building Council, making it the largest mixed-use financial center in the world to receive the organization’s highest possible accreditation. More than 40 buildings in the district have achieved silver and gold LEED certifications.

Activity is expected to continue, with KAFD aiming at housing 100,000 residents by the end of 2025. As of November 2023, the district had nine projects in design or under construction with only 40% of KAFD’s land bank already developed. “There is much more to come as we shape KAFD to become a vivid, authentic glimpse of what the future looks like for Saudi Arabia under Vision 2030,” said the CEO.