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JEDDAH: The Kingdom is revising plans for the King Abdullah Financial District in Riyadh, after the project was plagued by delays and a lack of enthusiasm among potential tenants and investors.
The project to build the King Abdullah Financial District began in 2006; skyscrapers were to house banks and the financial regulator. Parts of the area will now be turned over to residential housing, hotels and commercial establishments.
The Saudi Vision 2030 document, released by Deputy Crown Prince Mohammed bin Salman on Monday, said authorities would “strive to salvage” the industrial cities, which were designed to diversify the economy beyond oil and create jobs.
It said the KAFD had been started “without consideration of its economic feasibility” and that the project had failed to convince the financial community to invest.
“Without any dramatic shift in direction, renting the 3 million sq. meters of built-up areas at reasonable prices, or even achieving decent occupancy rates, will be very challenging,” the vision document said.
The government will therefore aim to transform the district into a special business zone with competitive regulations, visa exemptions for foreigners working there, and direct connections to Riyadh’s King Khaled International Airport, it said. “We will also seek to repurpose some of the built-up areas and change the real estate mix, increasing the allocation for residential accommodation, services and hospitality areas.”

— With input from Reuters