KAFD of Saudi Arabia Forms New Alliances at PIF Private Sector Forum

Several ground-breaking alliances and partnerships were announced by the King Abdullah Financial District Development and Management Company (KAFD DMC) during the second Private Sector Forum of the Public Investment Fund (PIF), which took place on February 6 and 7, 2024, at the King Abdulaziz International Conference Center in Riyadh. The strategic partnerships highlight KAFD's dedication to improving KAFD's growth and reputation as a premier business and leisure destination. A major milestone in the ongoing development and renovation works at KAFD was reached when the Forum, which aims to support private sector engagement nationwide and strengthen the Kingdom's economy, witnessed KAFD award several major contracts for five industry-leading, private enterprises across diverse sectors, from construction to hospitality and technology solutions.

As a fully owned subsidiary of Saudi Arabia's Public Investment Fund, KAFD DMC is in charge of directing the construction of the King Abdullah Financial District (KAFD), a significant undertaking that is essential to Riyadh's aspirations in the economy. 1.6 million square meters of mixed-use urban development, KAFD is located in the center of the capital and is intended to change how urban communities work, live, learn, and play. King Khalid International Airport is only 22 kilometers away from KAFD, the largest Platinum LEED-certified mixed-use commercial district in the world.

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 a neutral host service provider, will build a state-of-the-art 4G and 5G telecommunications infrastructure, support all mobile operators, and provide seamless connectivity to all tenants, residents, visitors, and businesses to create a hyper-connected digital infrastructure environment that strengthens the KAFD community and its business ecosystem.

To consolidate its development trajectory, KAFD DMC awarded three design and build contracts to Mohammed Al-Rashid 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, as well as for two sky bridges, and to MID Arabia, which will complete the fit-out works for a lifestyle hotel to ensure seamless integration into the aesthetic vision of KAFD.

Meanwhile, Source Machinery was awarded two contracts for the development of phases 1, 2, 3, and 4 of KAFD Area 6, laying the foundation for future expansion plans, while JASH TECHNICAL Services L.L.C. was contracted to provide comprehensive community services for KAFD’s shared facilities.

Commenting on these latest collaborations, Gautam Sashittal, Chief Executive Officer of KAFD DMC, said: “The partnerships announced are a strong testament to the power of collaboration between the public and private sectors in Saudi Arabia.” He added: “These agreements not only redouble our commitment to urban excellence but more importantly demonstrate the critical role that private sector expertise plays in realizing the ambitious goals of Saudi Vision 2030. At KAFD, we have experienced first-hand the transformative impact of working with committed and innovative private companies. We are excited to join forces with these industry giants, and we are keen to continue seeking partnerships with organizations that share our vision for the future of the Kingdom and KAFD. These collaborations bring us closer to what KAFD was always meant to be: a vibrant center for 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 also demonstrates KAFD’s commitment to forging strategic alliances that contribute to the district’s growth and the creation of a thriving environment for businesses and residents. At the same time, these collaborations reinforce the district’s role as a key driver of Saudi Vision 2030

KAFD acts as a microcosm of Vision 2030 in action, demonstrating the power of public-private partnerships to unleash potential and lead Saudi Arabia to a prosperous future.