Economics
Saudi Wealth Fund to Take Over Struggling Financial Hub
- Construction of the district near Riyadh started in 2006
- Revival of financial zone part of kingdom’s 2030 reform plan
Offices, apartments, hotels, conference centres, mosque and entertainment venues under construction at the King Abdullah Financial District in Riyadh.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Saudi Arabia’s sovereign wealth fund finalized a deal to take over the management of Riyadh’s $10 billion unfinished financial hub as the government attempts to revive the project, according to people familiar with the matter.
The Public Investment Fund is taking control of the King Abdullah Financial District from the Public Pension Agency, the people said, asking not to be identified because the information is private. Details of the deal aren’t clear, they said.