King Abdullah Financial District CEO Tells Maaal: Exploring Creation of Special Economic Zone in KAFD, Along with Plans for 9 New Projects

By: Fahad Talal

Gautam Sashittal, CEO of the King Abdullah Financial District Development and Management Company (KAFD DMC), unveiled plans for the District’s expansion. Currently, only 40% of the total 1.6 million square meter area has been developed. Over the next six months, KAFD will bring to life 1,000 residential apartments, welcoming a community of at least three thousand residents to this thriving District.

Anticipation is high as the King Abdullah Financial District (KAFD) prepares for a substantial surge in its workforce. Over the next 18 to 24 months, employee numbers are projected to swell from 80,000 to 100,000. Simultaneously, nine pivotal projects are on the horizon, integral to the plan to establish KAFD as a distinctive economic hub, enticing a multitude of regional headquarters. As stated by KAFD’s CEO, “We are building the future now.”

In an interview with the ‘Maaal’ newspaper, Gautam Sashittal revealed, “We are master planning the rest of the area in KAFD. We have land along Al-Thumama Road, another located on the other side of the Northern Ring Road, and a plot of land on the other side of King Fahd Road.” Sashittal emphasized the strategic importance of this endeavor, stating, “By planning the entire area of land owned by King Abdullah Financial District, we are building for the future.” He highlighted that “the District spans 1.6 million square meters, with the current construction accounting for 50%.” Sashittal concluded by outlining plans for nine additional projects in the remaining part of the District.

Gautam Sashittal, CEO of the King Abdullah Financial District Development and Management Company (KAFD DMC), unveiled plans for the District’s expansion. Currently, only 40% of the total 1.6 million square meter area has been developed. Over the next six months, KAFD will bring to life 1,000 residential apartments, welcoming a community of at least three thousand residents to this thriving District.

Anticipation is high as the King Abdullah Financial District (KAFD) prepares for a substantial surge in its workforce. Over the next 18 to 24 months, employee numbers are projected to increase from 80,000 to 100,000. Simultaneously, nine pivotal projects are on the horizon, integral to the plan to establish KAFD as a distinctive economic hub, enticing a multitude of regional headquarters. As stated by KAFD’s CEO, “We are building the future now.”

In an interview with the ‘Maaal’ newspaper, Gautam Sashittal explained, “We are collaborating with relevant authorities to assess the potential designation of KAFD as a special economic zone. Establishing a special economic zone at the King Abdullah Financial District would attract international companies, which is positively reflected not only on Riyadh but the entire Kingdom of Saudi Arabia.”

Sashittal emphasized the Kingdom’s economic prowess, stating, “We all recognize the Kingdom’s immense economic significance. It boasted the fastest growth in the G20 in 2020 and stands as the largest economy in the Middle East and North Africa region, ranking nineteenth globally.”

The KAFD CEO further emphasized, “Recently, Prince Mohammed bin Salman, the Crown Prince, announced in the G20 the new economic corridor, the India-Middle East-Europe Economic Corridor (IMEC). This corridor will connect India, the Middle East, and European countries. The Kingdom of Saudi Arabia is poised to become the vital bridge between Europe and India. Establishing a special economic zone for the King Abdullah Financial District (KAFD) would hold immense significance for Riyadh and Saudi Arabia as a whole. All of this is a testament to the visionary leadership of the Custodian of the Two Holy Mosques King Salman and his Crown Prince Mohammed bin Salman. The Saudi Vision 2030 is driving these ambitious goals, anchored in the aspiration to lead the economy of an ambitious nation with a thriving society.”

When asked about KAFD’s intentions to establish a specialized legislative environment to entice startups and small companies, Sashittal said, “We have the Saudi Central Bank, which is actively engaged in setting appropriate laws for financial business models, applications, and products that rely on technological integration. They are creating the right conditions for notable players in the industry. Additionally, we are in discussions with various ministries to extend a similar initiative, not confined to fintech but also encompassing startups in domains like fashion and other industries. Our goal is to provide a fertile ground for innovation across diverse sectors.”

Gautam spoke about the visionary essence of the King Abdullah Financial District (KAFD), underscoring their aspiration to become the premier hub for both business and lifestyle in the region. This unique fusion positions the project as a bustling nexus of activity, operating around the clock, every day of the week. KAFD boasts a remarkable landscape, comprising around 95 completed buildings sprawled across an extensive 1.6 million square meters of prime real estate. Amongst these, one million square meters are exclusively designated for office spaces, with 210 apartments already fully occupied and an additional 700 already furnished.

He highlighted, “Right from the outset, we offer five distinct asset classes that set us apart: offices, retail stores, hotels, residential apartments, and entertainment, including cinemas. And we’re not stopping there. More cinemas and a wider array of entertainment options are on the horizon. This encapsulates our vision for a dynamic business and lifestyle hub that operates ceaselessly, 24/7.”

“The District is accessible to all, and during certain weekends, we host between five to ten thousand visitors. They come to enjoy entertainment and quality time with their families, whether it’s at the restaurants, in the lush green spaces, or at the cinema,” Sashittal added.

“We’ve established a thriving residential community alongside a dynamic commercial ecosystem. KAFD has successfully attracted a diverse array of companies and ministries. Notably, we house the Public Investment Fund, major banks, the Capital Market Authority, a prominent trading company, and influential international entities like Bupa Arabia and Pfizer Saudi Arabia. Moreover, we’re witnessing the emergence of numerous regional headquarters and legal consulting firms, further enriching our business ecosystem.”

KAFD is also in the process of conceptualizing an indoor adventure park, in addition to medical clinics and a comprehensive international school spanning from kindergarten to higher education. These endeavors are an integral part of KAFD’s overarching vision to create a unified environment encompassing work, housing, and entertainment.

Regarding KAFD’s sponsorship of Al Nassr Saudi Club, Sashittal said, “Al Nassr Club is poised to elevate King Abdullah Financial District to an international stage, boasting world-class players who are associated with the club. They participate in matches on an international scale, and in every such event, the prominent presence of the KAFD brand is showcased. This represents a significant advantage for us.”

He also added, “This collaboration transcends traditional sponsorship, reflecting the dynamic intersection between sports, society, and business. Furthermore, it contributes to amplifying recognition and appreciation for the pivotal role that the King Abdullah Financial District occupies as the premier business and lifestyle destination in the region.”

“The collaboration with Al Nassr Saudi Club marks a significant milestone, underscoring our dedication to bolstering the sports sector and enhancing the sporting landscape in the Kingdom of Saudi Arabia,” Sashittal continued. “Saudi football has recently experienced remarkable growth and a surge in popularity. As the platinum sponsor of Al Nassr Club, KAFD enjoys a distinctive platform, with the added benefit of hosting exclusive events at the club’s stadium. This enables us to offer exceptional experiences to our valued customers, partners, and employees.”

On another front, the King Abdullah Financial District Development and Management Company unveiled intentions to establish a regional headquarters for Deloitte, a prominent global leader in professional services, and JLL, a renowned global figure in the realm of real estate services. They will join an esteemed cohort of international giants already positioned within the King Abdullah Financial District, including industry stalwarts like Bupa Arabia and Pfizer Saudi Arabia. This move aligns with the Kingdom’s proactive endeavors to attract international companies through the Regional Headquarters Programs.

The Regional Headquarters Attraction Program seeks to facilitate the entry of international companies into the thriving and expanding economy of the Kingdom of Saudi Arabia, as well as the broader MENA region. In doing so, these companies, along with their employees and families, stand to benefit from a conducive and dynamic business environment coupled with a superb quality of life.