Construction works contracts in excess of $2.1bn have been awarded for the King Abdullah Financial District (KAFD) by Saudi Arabia’s Public Investment Fund (PIF).

According to a report by Arab News that cited Aiman Al-Mudaifer, PIF’s head of the Local Real Estate Division, most of the contracts were awarded to companies based in the Kingdom.

Several banks and companies have started operations at KAFD, Al-Mudaifer said, noting that that some tenants had also received units at residential towers. He noted that the district is expected to witness high demand as more building are handed over.

KAFD is billed as one of the Kingdom’s key developments and is expected to spread over an area of 1.6m sqm in the north of Riyadh. The project is expected to comprise 59 towers and house some 12,000 residents once it is complete. The development is expected to host the offices of several financial institutions such as the Capital Market Authority and the Saudi Stock Exchange.