Saudi district gears up for foreign firms

Saudi district gears up for foreign firms

RIYADH: Dangling off sun-dappled skyscrapers, construction workers put finishing touches to a long-delayed financial district in Riyadh that is taking center-stage as competition heats up with Dubai to attract foreign firms. The King Abdullah Financial District (KAFD), a multibillion-dollar project announced in 2006, is gearing up to "launch“ in the coming months, formally declaring it open for business, multiple sources told AFP.

The mammoth development in the heart of Riyadh is preparing to capitalize on a government ultimatum to foreign firms - those seeking state contracts in the biggest Arab economy must have their Middle East headquarters in the kingdom by 2024. The ultimatum issued in February is seen as a direct challenge to Dubai - a Gulf city that has long ruled as the region's business hub - and comes as Saudi Arabia scrambles for investment to diversify the oil-reliant economy.

Central to that effort is KAFD, a 1.6-million-square-metre (over 17-million-square-foot) development filled with glass skyscrapers, a tree-lined walkway designed to resemble a riverbed and a mosque shaped like a desert rose. "It's a sleeping giant getting ready to wake up,“ a consultant close to the project told AFP. Billed as a special economic zone, the project is going all out