Riyadh’s financial hub scrapped

Issue 1014 - 05 May 2016 | 1 minute read

The Saudi government has accepted the inevitable and scrapped plans for a financial hub on the outskirts of Riyadh.The King Abdullah Financial District (KAFD), north-west of the city centre, was launched in 2006 as a local rival to the Dubai International Financial Centre. The Capital Markets Authority and Saudi Stock Exchange (Tadawul) were lined up as anchor tenants, but few others wanted to follow. Local banks and professional services firms balked at high property prices.

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