The tender will count for the bulk of the King Abdullah Financial District development
Saudi Arabia is on the verge of awarding an enormous design and build contract for 30 parcels of land within its US $10 billion (SAR 37.5 billion) King Abdullah Financial District (KAFD) in Riyadh.
The award is expected to be made by late September or early October and will account for “the bulk” of the development, according to KAFD project manager Waleed Aleisa.
He said 27 of the 30 parcels are to be completed in a fast-tracked period of 30 months and three large Saudi contractors “capable of pulling it off” had already bid for the contract.
“We’ll most likely go with one contractor for the whole thing because we want to make sure there are no conflicting logistical problems,” he said.
Four of Saudi Arabia’s biggest contractors are already working on KAFD’s first 10 parcels which were awarded in November last year.
Saudi Construction, El Seif Engineering and Saudi Oger are each working on two parcels while Saudi Binladin is working on four.
The contracts run over a 30 month period and are expected to be completed by mid 2011. Aleisa said it’s expected that around 70% of the project will be built out by mid-2012.
The development will feature more than 40 towers and is intended to the epicentre of Saudi Arabia’s financial services industry as well as a “new city centre for Riyadh”.
Each tower will have four levels of underground parking and KAFD’s utilities and services will include a monorail, a tier four data centre and a 100,000 tonne district cooling network.
KAFD is being developed by Rayadah Investment Company, an arm of the government’s Public Pension Agency (PPA) charged with investing in real estate development.
Located on Riyadh’s King Fahd Road KAFD covers 1.6km2 and will have a total build up area of around 5 million square metres.
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