Saudi Arabia’s Public Investment Fund (PIF) signed contracts worth more than SR8 billion for the construction works at King Abdullah Financial District (KAFD), a report in Al-Riyadh newspaper quoted Aiman Al-Mudaifer, PIF’s head of the Local Real Estate Division, as saying.

Most of the contracts were awarded to local companies, he added. The district is expected to witness high demand, especially as more buildings became ready, Al-Mudaifer said.

Several banks and companies started operations at KAFD, the official said, adding that some tenants received their units at the residential towers.

The district spans over 1.6 million square meters in the north of Riyadh. It will include offices of several financial institutions such as the Capital Market Authority and the Saudi Stock Exchange.