KAFD Seals New Partnerships at PIF Private Sector Forum

With a focus on the customer experience
KAFD Seals New Partnerships at PIF Private Sector Forum

The King Abdullah Financial District Development and Management Company (KAFD DMC)

announced today a series of groundbreaking partnerships and collaborations at the second edition of

the Public Investment Fund’s (PIF) Private Sector Forum, held at the King Abdulaziz International

Conference Center in Riyadh on February 6th and 7th, 2024. The strategic alliances emphasize

KAFD’s commitment to enhancing the development and experience of KAFD as a world-class business

and lifestyle destination.

The Forum, which seeks to support nation-wide private sector engagement and strengthen the

Kingdom’s economy, witnessed KAFD awarding several major contracts for five industry-leading,

private enterprises across diverse sectors, from construction to hospitality and technology solutions,

marking a significant milestone in the ongoing development and renovation works at KAFD.

KAFD DMC is a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund and oversees the

development of the King Abdullah Financial District (KAFD) – a landmark project and a key driver of

Riyadh’s economic ambitions. Set in the heart of the capital, KAFD is home to 1.6 million square

meters of mixed-use urban development, designed to transform the way urban communities live,

work, learn, and play. Located just a 22-kilometer drive from King Khalid International Airport, KAFD

is the world’s largest Platinum LEED-certified mixed-use business district.

During the two-day forum, KAFD DMC and Advanced Communications & Electronic Systems Company

(ACES), a Neutral Digital Infrastructure Company signed a partnership agreement. ACES as Neutral

Host Service provider will build a state-of-art 4G and 5G telecom infrastructure, support all mobile

operators and provide seamless connectivity for all tenants and residents, visitors, and businesses

alike, fostering a hyper-connected digital infrastructure environment which will empower the KAFD

community and its business ecosystem.

Cementing its development trajectory, KAFD DMC awarded three Design and Build contracts to the

Mohammed Alrashid Trading & Contracting Company (MARCO) which will undertake the

comprehensive design, procurement, construction, testing, commissioning, and handover of works for

Buildings 3.01, 3.02, 3.06, and the rooftop area of Building 3.11, in addition to two sky bridges; and

MID Arabia stepping in to complete the fit-out works for a lifestyle hotel, ensuring seamless

integration with KAFD’s aesthetic vision.

Meanwhile, Source Machinery were awarded two contracts to embark on the development of Phases

1, 2, 3, and 4 of KAFD’s Area 6, laying the groundwork for future expansion plans, while JASH

TECHNICAL Services L.L.C. was commissioned to provide comprehensive community services for

KAFD’s common use facilities.

Commenting on these latest collaborations, Gautam Sashittal, Chief Executive Officer of KAFD DMC,

said: “The partnerships announced represent a powerful testament to the power of collaboration

between the public and private sectors in Saudi Arabia.” He added: “These agreements not only

double down our commitment to urban excellence but essentially demonstrate the critical role

private-sector expertise plays in realizing the ambitious goals of Saudi Vision 2030. At KAFD, we have

experienced firsthand the transformative impact of collaborating with dedicated and innovative

private entities. We are thrilled to be joining forces with these industry giants and we are incredibly

keen to continue seeking out partnerships with organizations that share our vision for the future of

the Kingdom and KAFD. These collaborations bring us closer to what KAFD is always meant to be: a

vibrant hub of innovation, business growth, and sophisticated urban living not just for Riyadh, but for

the entire Kingdom.”

This constellation of partnerships not only accelerates the development of a smart, dynamic KAFD but

demonstrates KAFD’s dedication to forging strategic alliances that contribute to the district’s growth

and creating a thriving environment for businesses and residents. At the same time, these

collaborations solidify the district’s role as a key enabler of Saudi Vision 2030. KAFD acts as a

microcosm of Vision 2030 in action, demonstrating the power of public-private partnerships to unlock

potential and propel Saudi Arabia towards a prosperous future.